PIMFA clashes with IA over PRIIPs extension

Response to call for evidence

The Personal Investment Management & Financial Advice Association (PIMFA) has called on European regulators to continue as planned with the 31 December 2019 extension of PRIIPs regulation to cover EU retail funds.

PIMFA's position is at odds with that of the Investment Association (IA), which on Tuesday (2 October) called on the Financial Conduct Authority (FCA) to delay the extension until the "deeply flawed" regulation could be reassessed and reformed. FCA's Bailey promises action on PRIIPs and MiFID II failings PRIIPs, which came into force for most fund products in January, requires asset managers to provide a Key Information Document (KID), a move that has been heavily criticised due to its controversial requirement to provide predictions of future performance as well as estimations of tra...