On 20 July 2021, the FCA published a long awaited consultation paper seeking views on proposed amendments to address concerns with the UK Packaged Retail and Insurance based Investment Products (“PRIIPs”) Regulation (“UK PRIIPs Regulation”), including the lack of clarity on the scope of the UK PRIIPs Regulation, misleading performance scenarios and summary risk indicators, and concerns with the transaction costs calculation methodology.
It is a timely intervention given the FCA’s current consultation on the introduction of a consumer of duty of care as, unamended, PRIIPs would have put asset managers under acute pressure in this regard. See here our blog post on the proposed consumer duty of care.
In summary, the consultation sets out the FCA’s proposals to address some of what it considers to be the most serious and persistent concerns.
Please read our full briefing here.
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