AIC 'beyond frustrated' at Treasury's ruling to keep UCITS PRIIPs five-year exemption

Products can produce KIIDs until 2026

The Association of Investment Companies (AIC) has said it is "beyond frustrated" at the extension of the exemption for UCITS funds from the Packaged Retail Investment and Insurance-based products (PRIIPs) regime for a further five years.

The AIC has responded to the announcement from HM Treasury, which said UCITS funds providers can continue to produce Key Investor Information Documents (KIID), as set out in the UCITS Directive, until the end of December 2026. Investment companies, however, have to produce Key Information Documents (KIDs) and have done for the past four years, information which AIC chief executive Ian Sayers has described as "toxic". He said: "Can anyone explain why it is OK for investors in investment companies to continue to receive this misleading and dangerous information but investors in UCITS fu...