FCA Conference: Action on PRIIPs and MiFID II, Brexit frustrations and the rise of passives

'Take this very seriously'

The Financial Conduct Authority (FCA) will finally take action to address the unintended negative implications of Europe-wide legislation PRIIPs and MiFID II as early as next month, chief executive Andrew Bailey has confirmed.

Speaking at the FCA's Asset Management Conference 2018 on 12 June, Bailey said he was "not alone" in his concern about the misleading disclosure and performance projections being produced in a number of firms' PRIIPs Key Information Documents (KIDs), while also acknowledging the need to tackle the consequences of MiFID II's research unbundling requirements. FCA's Bailey promises action on PRIIPs and MiFID II failings Both regulatory frameworks came into effect in January and have already caused serious concerns among the asset management industry. Performance projections have been des...