PIMFA Response to HM Treasury: PRIIPs and UK Retail Disclosure

PIMFA Consultation Response to HM Treasury: PRIIPs and UK Retail Disclosure. Whilst we very much welcome HM Treasury’s acknowledgement that the existing regime is “not fit for purpose", and that there are broader retail disclosure issues that require consideration, we also believe that the FCA, with HM Treasury, should: reduce the weight placed upon disclosure as a regulatory tool; reduce the range of assets subject to post-PRIIPs product regulation; take advised business out of post-PRIIPs product disclosure requirements; develop “headline” disclosures; publish a coherent programme for reviewing retail disclosure across-the-board, and commit to creating a central Retail Disclosure sourcebook in the FCA Handbook