The UK’s financial watchdog has released a second stage of its Consumer Composite Investment (CCI) consultation, this time focused on the much called for fee simplification.
The Financial Conduct Authority first opened up the dialogue to CCI reform in December last year, when it pledged to replace the EU-inherited PRIIPs framework with this new methodology. The initial response was joyous from the industry, especially the closed-ended side which had long lobbied the government and regulators to address these now recognised ‘inaccurate' and ‘misleading' cost rules. The mood quickly shifted however, when details began to emerge and at the close of round one's consultation last month, the industry chorus was clear that CCI was not fit for purpose when it cam...
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