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FCA chairman Ashley Alder has confirmed that the FCA is working intensively on a brand new post-Brexit PRIIPs regime to enhance retail asset administration regulation.
In a speech within the Metropolis this week he mentioned new guidelines had been on the best way.
The packaged retail and insurance-based funding merchandise (PRIIPs) regime was an EU directive adopted by the FCA as a part of a swathe of retail funding regulation.
It has, nevertheless, been criticised for utilizing generic illustration figures and for missing readability.
Submit Brexit, the FCA has mentioned it wished to introduce a brand new regime for packaged merchandise.
In a speech to the Bloomberg Purchase-side Discussion board this week, Mr Alder mentioned the PRIPPs adjustments coming down the road had been a part of an “formidable agenda” for UK asset administration.
He mentioned the brand new regime would give traders “ample and significant data” on their investments earlier than they purchase and any adjustments could be in tandem with the work on the advice-guidance boundary to “re-set” how shoppers interact with monetary merchandise.
He mentioned: “We definitely welcome a revocation of the PRIIPs regulation, which has resulted in some cases of price disclosure not reflecting the true prices of an funding. We need to be certain that any alternative regime provides traders ample and significant data to tell their choice making.
“We stay up for consulting on a brand new regime that’s proportionate and tailor-made to the market and merchandise right here within the UK, and which permits companies to design a extra partaking shopper journey. Along with our work on the advice-guidance boundary, we expect that this has the potential to basically re-set how shoppers interact with monetary merchandise.”
Mr Alder mentioned updating and changing EU regulation would take time because the FCA sorted by an “alphabet soup” of UCITS, AIFMD and a few components of MIFID.
The intention in the end, he mentioned, was a “smarter regulatory framework.”
On the capital markets aspect the FCA is “pursuing a set of landmark proposals to boost UK capital markets.”
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