PIMFA calls for PRIIPs suspension in regulatory U-turn

Had previously urged EU regulators to go ahead as planned

The Personal Investment Management & Financial Advice Association (PIMFA) has reversed its position on the under-fire PRIIPS regulation by calling for its complete suspension until a full review can take place.

Earlier this week, Investment Week reported that European authorities had agreed to delay the extension of the PRIIPs Key Investor Document (KID) requirement to UCITS funds by another two years amid mounting pressure from the asset management industry, regulators and MEPs. European regulators - or ESAs - will now set about a review of the regulation's implications and failings. In October, PIMFA clashed with other trade bodies such as the Investment Association by calling for EU regulators to go ahead as planned with the extension of PRIIPs to UCITS funds. However, in a statement o...