Chief executive of the Financial Conduct Authority (FCA) Andrew Bailey has expressed he is "concerned" about the new PRIIPS legislation, highlighting literature requirements "are not providing useful context" while there is evidence it is causing US funds to withdraw from Europe.
In a speech delivered at the London Business School's Annual Asset Management Conference, Bailey warned there was evidence the Packaged Retail and Insurance-based Investment Products (PRIIPS) regulation, which came into effect 1 January, was causing US firms to withdraw from Europe in order to "avoid" the burden of the new laws. The chief executive also said the piece of regulation was leading to "literally accurate disclosure" which was not providing useful context for investors. The European Union's PRIIPS regulation is aimed at helping retail investors better understand and compare...
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