A key committee in the European Parliament has rejected the proposed technical standards regulation for the EU’s Packaged Retail and Insurance-based Investment Products (Priips), paving the way for a possible delay to its implementation.
Mifid II and Solvency II are the regulations asset manager think are most important this year, with data collection, enrichment and delivery identified as the most challenging areas.
Europe’s main asset management trade body has slammed the new consumer information requirements for those selling packaged retail and insurance-based investment products as a “danger” to investors.
The Association of International Life Offices (Ailo) has called on the European Commission to abandon a clause in the upcoming Priips regulation that will require fund manufacturers to provide KIDs on open-architecture bonds.
With UK-style retail distribution review (RDR) regulation sweeping across international investment markets, and the trend towards better customer outcomes only set to intensify, advisers need to fully embrace this change and embrace it early, says Bill Vasilieff, chief executive of Novia Global.
Pension fund costs and charges look set to become more transparent following a new reporting standard proposed by the UK’s Financial Services Consumer Panel (FSCP) on Friday.
Manufacturers will shoulder the burden when new European rules, which enable consumers to compare retail savings and investment products, come into force on 31 December 2016.
The head of the main association representing Europe’s asset management industry has called on key members of the European Parliament to get a move on in its efforts to draft a package of investor protection regulations known as PRIPs.
The Association of International Life Offices has reaffirmed its “deep concerns” over the European Commissions intention to ban commission payments for independent financial advisers, while welcoming the latest drafts of IMD2 and Prips regulation.
The Association of International Life Offices has written to the European Parliament’s Economic and Monetary Affairs Committee, to warn over potential unintended consequences stemming from the interaction between Mifid II and other European Union financial services legislation.
Fecif has warned the EC against letting banks and insurance companies exploit Prips.
More regulations are on the way, European suppliers of packaged retail investment products are told.
