Concerns about past performance omission need to be addressed

There are some long-standing practices in the asset management industry which are clearly ripe for review. However, removing past performance data from key funds documents appears a dangerous step and one likely to create worse outcomes for consumers.

Time is now running out to halt plans under PRIIPs regulation to scrap past performance information on the new Key Investor Documents (KIDs). In a last-ditch call for urgent revisions to the legislation, which is due to be signed off in draft form this month, eight groups (Allianz Global Investors, Schroders, BlackRock, AXA IM, Nordea AM, Fidelity, Robeco and JPMorgan AM) have written to European Commissioner Jonathan Hill. Eight fund groups make last ditch attempt to change PRIIPs rules They join consumer protection groups and the European Fund and Asset Management Association in ...