Senior IA adviser calls for 'heads to roll' at FCA as he labels PRIIPs 'worst piece of financial regulation ever'

Regulation has caused industry debate

Beth Brearley
clock • 2 min read

Philip Warland, a senior adviser at the Investment Association, has waded into the furore over the publication of what have described as 'misleading' performance scenarios in PRIIPs KID documents, lambasting the Financial Conduct Authority (FCA) and other European regulators for "the worst piece of financial regulation ever in Europe".

Warland, who is also former director general of the Investment Management Association - the IA's predecessor - and more recently head of public policy at Fidelity International, accused the regulators of an "absolute dereliction of the duty of care" to consumers, according to the Financial Times. The European Union's Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation, which came into force on 1 January, is aimed at helping retail investors better understand and compare the key features, risks, rewards and costs of different products through a short Key Informatio...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Partner Insight: Navigating a new era for investing

Partner Insight: Navigating a new era for investing

Across the developed world, inflation is back and here to stay, says Wellington Management’s John Butler.

Sarka Halas
clock 13 March 2024 • 2 min read
Partner Insight: Should investors go global for more impact?

Partner Insight: Should investors go global for more impact?

Global investing offers scope for broader social impact as well as financial returns.

Sarka Halas
clock 11 March 2024 • 1 min read
Women in Investment Awards winner interview: Omotunde Lawal from Barings

Women in Investment Awards winner interview: Omotunde Lawal from Barings

Supporting the next generation

Katrina Lloyd
clock 07 March 2024 • 1 min read
Trustpilot