On November 1st, the FCA released a highly anticipated statement regarding the proposed amendments to the UK PRIIPs regulation. As part of its November Regulatory Initiative Grid update, the FCA confirmed the originally-planned date, set for new UK PRIIP rules (January 1st, 2022), is no longer applicable.
The update largely addresses industry concerns for little guidance, and insufficient implementation time, for the UK PRIIP changes proposed in the Consultation Paper (CP21/23) on July 20th, 2021.
In the regulatory initiatives grid, the FCA suggests a new timeline, with a policy statement expected not earlier than Q1, 2022, with the final rules taking effect after that, based on consideration for a possible implementation period.
The new timeline means the existing UK PRIIPs regime, onshored as part of the Brexit transition, remains in effect until, at least, the end of Q1, 2022.
At cleversoft, we provide a compliant PRIIP service, specifically for the UK PRIIP regulation, and our team is on standby, ready to make the necessary changes once the final Q1 rules have been published. While this latest update from FCA is consistent with our previous expectations of further delay, we will continue to closely monitor regulatory developments through our PRIIP Regulatory Watch workgroup.
In our 2022 roadmap, we anticipate further PRIIP changes and developments, for the EEA and UK, which gives us the ability to provide a fully compliant PRIIP KID service to our clients, on time for all regulatory updates.
We will continue to update you once more information from the regulators is published.