Industry body calls for review of PRIIPs Regulation

Following the FCA’s Call for Input into the implementation of the PRIIPs Regulation, the Personal Investment Management and Financial Advice Association (PIMFA) has commented that it agrees with concerns about the practical operation and the detailed KID requirements of the regime.

In particular, PIMFA has noted that there is a suggestion that UCITS and other non-UCITS retail funds, that currently can take advantage of an exemption, may not be brought into the ambit of the PRIIPs regime from 31 December 2019, as is currently intended. PIMFA urges that this extension should talk place by the stated deadline, on the basis that it will address some of the KID preparation issues relating to the calculation of product costs.