In response to the growing trend towards online investments and the digital distribution of disclosure the FCA recently published a further discussion paper DP22/6 "Future Disclosure Framework" in order to ensure retail disclosures are fit for purpose.
The FCA is looking for feedback on how they can design and deliver a good UK disclosure regime, which is supportive, engaging, accessible and flexible, enabling retail investors to be more informed and have more choice.
The discussion paper will be of interest to many, including consumer and investor organisations, firms operating retail distribution platforms, , fund managers and firms who manufacture, advise or distribute PRIIPS and non-PRIIP packaged products.
DP22/6 also relates to a consultation "PRIIPS and UK Retail Disclosure" launched by HM Treasury on December 9th 2022.. This consultation set out the government’s plans to revoke the PRIIPs Regulation, an EU regulation that was brought onto the UK statute book following the UK's exit from the EU, and seeks views on a proposed alternative framework for retail disclosure. Evidently, the FCA and the Treasury are working closely together with the aim of providing clear and useful information for investors that is proportionate to the risk they are taking.
Comments and feedback on the FCA’s discussion paper can be provided by stakeholders until March 7th 2023.