BRUSSELS (Reuters) – Most European Union states want to postpone new EU rules meant to protect investors in life insurance, funds and other retail financial products because parts of the reform might be misleading.
In a joint statement, 23 of the 28 EU states have urged the European Commission to delay by one year the application of the new rules on so-called packaged retail and insurance-based investment products, or PRIIPs.
The new rules, due to come into force in January, cover a 10 trillion euro ($11.25 trillion) market and will force banks and insurers to use a standard “key information document”, or KID.
The goal is to help consumers across the bloc for the first time to compare products in what are often national markets dominated by mutual funds.
Source: Investing.com (20 September 2016)