Insurance Europe has written a joint letter to the European Commission, European Parliament and Council and the European Supervisory Authorities to reiterate serious concerns about the regulatory technical standards (RTS) for the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation providing for a key information document (KID).
The letter restated that the RTS, as they currently stand, will not allow the KID to provide consumers with a good understanding and comparative tool of the products on the market.
It also stressed that the European Commission's PRIIPs implementation workshop on 11 July did not meet its objective of providing clarity on all outstanding questions on the RTS.
Therefore, the associations strongly urged the Council and European Parliament to request that the outstanding substantial flaws are addressed in the PRIIPs RTS.
The letter was also signed by the European Banking Federation, the European Fund and Asset Management Association and the European Structured Investment Products Association, and is a follow-up to a joint letter sent by the associations in April.