Unlikely as it may seem, the PRIIPs rules could become a prime illustration of the Brexit dilemmas facing the UK. Many want to continue with alignment with many EU rules especially in financial services. But what if they are bad news for the UK and indeed the rest of Europe but we have no voice?
FCA chief executive Andrew Bailey has set out his concerns regarding PRIIPs – adding his voice to industry complaints.
In a speech to asset managers last week, he said: “I want to be clear that I am concerned about Priips, and I know I am not alone. It carries a risk that it is leading to literally accurate disclosure, which is not providing useful context, and there is evidence that funds, for instance from the US, are withdrawing from Europe to avoid the burden. I have also heard concerns about performance projections. We all have to take this seriously.”
The question must be how much influence will we have over these processes in the midst of Brexit when UK regulators are effectively leaving their seat at the EU table, but we are set to remain aligned?
Richard Lloyd, the former boss of Which? has been appointed to lead a review into the complaints handling process at Ombudsman after a Channel Four documentary revealed serious failings.
The Bank of England’s Alex Brazier warns about risks hidden in markets especially the bond markets.
At the same time, the US editor of the Financial Times Gillian Tett warns that the Trump administration has picked the wrong time to ease up on banks.
UK GDP grew an profoundly uninspiring 0.1% in the first quarter of the year. Do we blame Brexit uncertainty, the beast from the East or both?
Up to 500 members of the PPF could get an upgrade to their pension payments following a ruling from the European Court of Justice as Financial Adviser reports. Corporate Adviser considers the implications for the lifeboat scheme.
Jupiter’s long standing fund of funds manager John Chatfeild-Roberts suggests that it may be downhill from here for markets as reported by Wealth Manager.
PFS chief executive Keith Richards says that his old calls for Caveat Emptor were misplaced saying that every client can be vulnerable.
The ABI issues a five point plan on pension engagement generally involving talking to people early.
Accord has launched a new range of 95% mortgages for first time buyers. Just like the good old days?