Advised business should be removed from the post-packaged retail and insurance-based investment products (PRIIPs) product regime, according to Personal Investment Management & Financial Advice Association (PIMFA).
It said, as part of a six-point plan on how to reform disclosure requirements, that advised business should be removed from the reformed regime with regulators relying instead on the suitability letter to provide consumers with information that is "tailored to their needs and circumstances". PIMFA said it welcomed the government's decision to replace the regime, which the UK inherited from the European Union, with a UK-specific product disclosure regime that would be part of the Financial Conduct Authority (FCA) handbook. PIMFA added it had long been critical of PRIIPs. It said the go...
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