The IA’s response to the FCA’s consultation on the new product information framework for Consumer Composite Investments says it is crucial that the new framework genuinely results in a better information set for consumers and learns the lessons from the unpopular EU-regulated PRIIPs and MiFID products. It does not think the proposals have achieved this, and is particularly critical that the PRIIPs methodology on costs and charges has been carried forward. It also says the Product Summary needs work, in terms of its purpose, place in the information chain and the role of distributors.
