GovWire

This draft statutory instrument (SI) is part of HM Treasurys 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 governments 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 governments 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.