AIC and IA join industry chorus flagging major concerns with FCA's CCI consultation

AIC calls for closed-ended exclusion or ringfencing

The lead representative trade bodies for both the open and closed-ended sides of the investment industry have individually submitted their critical feedback of the Financial Conduct Authority’s (FCA) Consumer Composite Investments (CCI) proposals.

On deadline day (20 March), both sides have called for greater clarity of the FCA's plans to overhaul rules concerning Packaged Retail and Insurance-based Investment Products (PRIIPs). PIMFA adds to CCI pile-on calling proposal 'overly complex and prescriptive' The Association of Investment Companies (AIC) – which represents the investment trust side – reiterated its longstanding position that the CCI proposal, as it stands, is unsuitable for its members. AIC chief executive Richard Stone has called for investment companies to be excluded from the new retail disclosure regime, or a...