FCA under pressure to 'quickly' deliver solutions to investment trust cost disclosure issues

No timetable for legislative enactment

Chancellor Jeremy Hunt has said the government is pressing the Financial Conduct Authority to develop short-term solutions to resolve the investment trust sector's cost disclosure issues to avoid “unnecessary delays”.

As part of the Autumn Statement on 22 November, the Treasury unveiled a consultation that proposed making changes to PRIIPs and MiFID, which could help resolve the difficulties encountered by inaccurate disclosure, with firms given until 10 January 2024 to respond. The draft statutory instrument, which outlines the scope of the framework and rule-making powers provided to the FCA by the Treasury, also notes concerns about current cost disclosure requirements, and in particular their potential impact on the investment trust sector. In a Treasury Select Committee hearing on Wednesday (2...