Investment Association: Now is the time to get PRIIPs right
Wednesday 9 November 2016
Following the European Commission's announcement today surrounding the Packaged Retail Insurance-based Investment Products (PRIIPs) regulation, Chris Cummings, Chief Executive of the IA, said:
"We welcome the Commission's decision to delay the PRIIPs date of implementation by a year.
"The draft rules, that were rejected by the European Parliament in September, would have led to extremely flawed and misleading retail investor disclosure.
"The additional time should mean that regulators and legislators are able to take a step back and design a PRIIP KID* that provides consumers with better disclosure than the current draft rules permit.
"It is now time to get it right, and for the Commission to amend the presentation of costs and charges and improve the performance disclosure by adding historic performance alongside future scenarios.
"It is essential that our industry not only has legal certainty as to what will be needed to produce a PRIIP KID, but also sufficient time to put the necessary systems in place. Therefore, we urge the Commission to come back with final rules in early 2017."
-ENDS-
Notes to editors:
*Packaged Retail Insurance-based Investment Products Key Information Document
For further information please contact:
John Kenchington
Director of Communications
[email protected]
M 07834 089 332
Alex Hogan
Press and Digital Media Officer
[email protected]
T 020 7269 4620
M 07508 724 066
About the Investment Association:
- The Investment Association is the trade body that represents UK investment managers who manage over £5.7 trillion on behalf of clients.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.
For further information, please contact:
For media, to receive the full consultation document, please contact Helen Ayres
Helen Ayres, Communications Manager: [email protected]
T +44 (0)20 7269 4620; M +44 (0)7508 724 066
IA press office: [email protected]
About the Investment Association (IA):
- The IA champions UK asset management, supporting British savers, investors and businesses. Our 250 members manage £7.7 trillion of assets and the asset management industry supports 100,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 35% of all assets managed in Europe.
