View more on these topics

New Euro investment disclosure rules ‘face years of delay’

Bowles-Sharon-MEP-480
Bowles says disagreements mean reaching trialogue negotiations will be impossible.

Economic and monetary affairs committee chair and Liberal Democrat MEP Sharon Bowles says European investment disclosure rules could be delayed by years due to EU deadlock.

Debate is focused on the scope of the Prips key information document, which will have to be supplied by providers for all packaged retail investment products, with calls for it to be used on shares and bonds as well. Officials are also exploring whether advisers should produce a second document to give investors extra information about their actions and charging structures.

Bowles says disagreements between the European Council and European Parliament mean it will be impossible to reach trialogue negotiations on the directive in the next year. She says Prips, first consulted on in 2007, has dropped down the priority list as the EU focuses on Mifid II, banking resolution directives and the single supervisory authority, while EU time is limited before parliamentary elections in May 2014.

Bowles says: “[Prips] is well down the list of priorities. I think you are talking years, not months, and if it cannot be done in the remainder of this parliament, it will be down to the next parliament. There is a limit to the things we can do in the time we have left.”

Syed-Kamall-MM-grey.jpg
Kamall

Conservative MEP Syed Kamall says: “We do not yet have a full consensus in parliament, on top of disagreements with the council and it being low priority. 

“I do not see how it can be dealt with in this parliament.” 

Recommended

Axa calls for two-year delay to cash rebate ban

Axa Wealth has called for a two-year delay to the platform cash rebate ban. The firm says the ban favours businesses with an “old world” model because it punishes firms passing cash rebates back to clients. The Financial Conduct Authority’s cash rebate ban comes into force in April 2014 while all legacy payments between fund […]

HMRC publishes new lifetime allowance pension protection rules

HMRC has published details of a new individual protection regime which will allow people with pension savings worth more than the new £1.25m lifetime allowance to protect the value of their pot and continue contributing to a pension scheme, subject to a charge. Chancellor George Osborne confirmed the Government will cut the lifetime allowance from […]

Woodford awarded CBE in Queen’s Birthday Honours List

Invesco Perpetual head of UK investment Neil Woodford has been handed a CBE in the latest Queen’s Birthday Honours List. Woodford has been awarded the title of Commander of the Order of the British Empire for “services to the economy”. The manager, who runs the £13.7bn Invesco Perpetual High Income fund and the £10.3bn Invesco Perpetual […]

5

Aegon to take stake in Intrinsic as part of PosSol deal

Aegon is set to take a stake in Intrinsic following its acquisition of IFA business Positive Solutions. Money Marketing revealed earlier today that Intrinsic was to buy PosSol from Aegon. As part of the deal, Positive Solutions will retain its brand and senior management will remain in place. Intrinsic chief executive Richard Freeman says: “The acquisition of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com