FCA's Bailey promises action on PRIIPs and MiFID II failings

As early as next month

Chief executive of the Financial Conduct Authority Andrew Bailey has said the regulator will take action to address the unintended negative implications of European regulatory standards PRIIPS and MiFID II as early as next month.

Both regulatory frameworks came into effect in January 2018 and have both caused concerns among the asset management industry with regard to their disclosure requirements. Speaking at the FCA's Asset Management Conference 2018 this morning, Bailey said: "Our supervisors have begun work to analyse how costs and charges disclosure reforms are working in practice and we will publish a report for input next month to explore the scale of the potential problems". PRIIPs requires asset managers to provide a Key Information Document (KID), which has received much criticism due to its controve...