Packaged Retail and Insurance-based Investment Products (“PRIIPS”) can be either (or both) (a) investments issued by special purpose vehicles where, regardless of the legal form, the amount repayable to retail investors is subject to fluctuation because of exposure to reference values or to the performance of one or more assets that are not directly purchased by the retail investor (known as a PRIP); and/or (b) an insurance product which offers a maturity or surrender value where that maturity or surrender value is wholly or partially exposed, directly, or indirectly, to market fluctuations (known as an IBIP)…

next steps

The FCA’s changes to the handbook rules and the RTS came into effect on the 25 March 2022. However, the FCA have introduced an implementation period which will end on the 31 December 2022. Firms have until the end of the year to apply the necessary changes.

For more information, and any guidance or advice on changes to UK PRIIPs, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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