Chancellor declines to provide timeframe on investment trust cost disclosure reforms

‘Will proceed at pace’

Chancellor Jeremy Hunt did not provide an answer on when investment trust cost disclosure reform legislation will be brought to parliament, saying discussions are "ongoing", and the issue is “market sensitive”.

At a Treasury Committee hearing yesterday (13 March), Hunt was quizzed on the government's timeframe to bring legislation to parliament in response to the consultation on the draft statutory instrument setting out the legislative approach to replacing PRIIPs, which closed on 10 January. The committee said there is not yet a draft MiFID statutory instrument either, which would require its own consultation, and requested a timeframe for this as well. The Chancellor declined to provide a detailed answer on either point, or elaborate on the government's "precise" thinking, because the iss...