PRIIPs is dead. Now is the chance to get a proper replacement.
Finally, there is a Brexit dividend for the investment company sector. In a week when one investment fund has been hit by a class action, it is good to see the Government accept what we have been saying since the idea was first launched, "The PRIIPs Regulation, which the UK inherited from the EU, is not fit for purpose."
In the consultation paper launched this morning the Government confirmed that PRIIPs will be repealed by the Financial Services and Markets Bill as a "matter of priority".
The consultation on a replacement will provide an opportunity to create a summary document which can be clear, fair and not misleading.
The consultation has been published as part of the Government's "Edinburgh Reforms", a set of far-reaching reforms to drive growth and competitiveness in the financial services sector. We will be reporting on the full list of measures, and how they impact investment funds, in due course.