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UK’s FCA to simplify disclosure rules for investment products

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Watchdog says it will scrap regime inherited from EU that can ‘confuse or overwhelm’ investors

EU disclosure rules that often “confuse or overwhelm” investors in many types of investment products will be replaced under proposals by the UK financial watchdog. The Financial Conduct Authority said on Thursday it would make “significant changes” to the rules on information for investors in various kinds of financial products, such as index tracker funds, closed-end investment funds and contracts for difference.

Christian Pittard, head of investment trusts at City fund manager Abrdn, said the FCA’s consultation “has much riding on it and no time to lose”. He said 22 closed-end funds had left the sector this year and “talk of an existential crisis . . . is not an overstatement”.

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