The EU Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation) aimed to standardise the way investment products were communicated across the EU. The PRIIPs Regulation mandates the production of a Key Information Document (KID) that provides key information about investment risks costs and potential returns. The Regulation was assimilated into UK law post-Brexit but has faced criticism for being overly rigid and not well-suited to the UK market.1
On 9 December 2022 as part of the Edinburgh Reforms the government committed to repealing and replacing the assimilated PRIIPs Regulation and issued a consultation2 on a replacement framework. As a result the Financial Services and Markets Act 2023 (FSMA 2023) s 1 revokes over time a series of Assimilated EU regulations including the assimilated...