Thursday (20 March) was deadline day for the industry to submit its feedback to the Financial Conduct Authority about its proposal to sort the ongoing cost disclosure issues largely in the closed-ended space and, from what we’ve seen, everyone thinks the current plan is a bad idea.
By way of a quick rundown, back in December 2024 the FCA took a big step to replace the EU-inherited Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and the Undertakings for Collective Investment in Transferable Securities (UCITS) disclosure requirements with its own system, which it hoped would crucially solve the ‘double count' issue plaguing trusts. PRIIPs was a system derived by the EU targeting non-UCITS vehicles and required them to be more transparent with their cost disclosures but in reality, it wasn't really working for trusts. AIC and IA join ind...
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