UK Retail Disclosure Framework – Draft SI and Policy Note
The government is publishing a near-final version of the statutory instrument to replace the EU Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation and create a new UK retail disclosure framework.
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This draft statutory instrument (SI) is part of HM Treasury’s programme to deliver a Smarter Regulatory Framework for financial services, tailored to the UK.
On 9 December 2022, as part of the Edinburgh Reforms, the government committed to repealing and replacing the EU-inherited PRIIPs Regulation as a matter of priority and issued a consultation on a proposed replacement framework. On 11 July 2023, the government published its consultation response, confirming the government’s intention to entirely remove from legislation all firm-facing retail disclosure requirements and ensure the FCA can deliver a new UK retail disclosure framework for consumer composite investments which is tailored to the UK. This draft SI, alongside an accompanying explanatory policy note, explains the government’s approach to establishing a new legislative framework for UK retail disclosure, and will facilitate the delivery of new FCA rules to replace PRIIPs. The government welcomes any technical comments on the draft SI by 10 January 2024.