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

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...