On September 30, the Financial Conduct Authority (FCA) closed discussions on package retail and insurance-based investment product (PRIIP) disclosure schemes.
However, AIC states in consultation proposal CP21 / 23 that it “does not solve these problems” and “is sufficient.”
In response to this consultation, AIC also sought a meaningful review and expressed concern about the schedule proposed by the FCA to implement the change in January 2022.
“Before the FCA was empowered under the Financial Services Act of 2021, there was ample time to discuss and consider possible reforms, given the lack of urgency that the FCA has shown so far. A better approach is to suspend disclosure. As part of a complete review of consumer disclosure, we can fully consider the changes that need to be made to KID. “
The Ministry of Finance has promised a full review of regulations in July 2020, but said AIC is still waiting for progress.
HMT in June The UCITS fund provider stated that it could continue to prepare the Key Investor Information Document (KIID) as stipulated in the UCITS Directive until the end of December 2026.
However, the investment company has had to create a KID for the last four years and will need to continue to do so.
Richard Stone, CEO of AIC, said: ..
“Instead of helping people make more informed decisions, these documents mislead investors and distort the market. The UCITS fund still has incomparable and completely different disclosures.
“We call on the Prime Minister to publish a more meaningful review alongside the fall budget.”
“Sufficient” for KID
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