PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services 

9 December 2022

PIMFA welcomes Government proposals to revoke PRIIPs regulation as part of wider shake up of financial services 

PIMFA, the trade association for wealth management, investment services and the personal investment and financial advice industry, has welcomed the proposal by the Government to revoke the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation as part of its wider shake up of the financial services industry.

Simon Harrington, Head of Public Affairs at PIMFA commeted: “We welcome the Government’s move to revoke the PRIIPs regulation and look forward to engaging positively with the Treasury on an alternative framework for retail disclosures.

“It is imperative that any disclosure framework is, in future, able to ensure that the end customer is provided with the right information, and in the right way, in order to better understand the, at times, complex decisions they are making.

“The framework, as it currently exists, does not do this and in places, seems directly in conflict with the Financial Conduct Authority’s (FCA) broader aims of delivering higher standards of communication under the Consumer Duty. This is a welcome move both for retail consumers and the providers of services to them.”

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NOTES TO EDITORS

About PIMFA – the Personal Investment Management & Financial Advice Association

• PIMFA is the trade association for firms that provide wealth management, investment services and the investment and financial advice to everyone from individuals and families to charities, pension funds, trusts and companies.
• The sector currently looks after £1.65 trillion in private savings and investments and employs over 63,000 people.
• PIMFA represents both full and associate member firms. Full members provide a range of financial solutions including financial advice, portfolio management, as well as investment and execution services. They assist everyone from individuals and families to charities and pension funds, all the way to trusts and companies.  Associate members provide professional services to the PIMFA community.
• PIMFA  leads the debate on policy and regulatory recommendations to ensure that the UK remains a global centre of excellence in the wealth management, investment advice and financial planning arena. Our mission is to create an optimal operating environment so that its member firms can focus on delivering the best service to clients, providing responsible stewardship for their long-term savings and investments.
• PIMFA has made numerous recommendations to the FCA regarding the Future of Advice, the Future of Supervision and the FSCS levy – read more.
• PIMFA was created in 2017 as the outcome of a merger between the Association of Professional Financial Advisers (APFA) and the Wealth Management Association (WMA) with a history as a trade association since 1991 – read more.
• Find out more about PIMFA’s Diversity and Inclusion work – read more
• Further information can be found at pimfa.co.uk

Contact

For further information on this release or other press matters please contact:

Matthew West, PIMFA PR Manager – MatthewW@pimfa.co.uk, +44 (0)20 7382 0376

Sheena Gillett, PIMFA Communications & PR Director – sheenag@pimfa.co.uk, +44 (0)20 7011 9869 / +44 (0)7979 493225