Government to repeal EU PRIIPs regulation on retail fund disclosures

New framework by the FCA

The UK government is set to repeal the EU’s packaged retail and insurance-based investment products (PRIIPs) regulation as a “matter of priority”.

As part of the chancellor's so-called "Edinburgh Reforms" of UK financial services regulation, the Treasury has said it will now be up to the FCA to deliver a new retail disclosure regime for the UK. The new disclosure framework will not include the PRIIPs Key Investor Information Document (KIID) or any new comparable prescriptive disclosure documents, but will seek to maintain investor protection, support investment choice and reduce burdens for firms.  Under the new UK regime, the FCA will determine the format and presentation requirements for disclosure to remove prescriptive requi...