Members of the investment trust community celebrated a significant win yesterday (19 September) in their battle to overturn the cost disclosure regime, after the government and Financial Conduct Authority (FCA) collaborated on an immediate rule change following months of campaigning.
The Treasury and the FCA have moved to temporarily make investment trusts exempt from complying with cost disclosure requirements with the view of brining in wider reforms next year. The move is part of the replacement of EU-inherited consumer disclosure regulation with a new framework for UK markets and firms. Investment trusts were subject to the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation and the Markets in Financial Instruments Directive (MiFID), both adopted directly into UK law before Brexit. This has created a ‘double count' situation on close...
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