DP22/6: Future Disclosure Framework

Read DP22/6[1]

The distribution of retail investments has changed in recent years, with a growing trend towards online investment and the digital distribution of disclosure. However, most disclosure regulations were designed for advised sales and paper-based disclosure and a review of retail disclosure is now needed to help financial services be fit for the future.

Who will be interested in this discussion

• investors and consumer organisations
• those who manufacture non-PRIIP packaged products, PRIIPs, UCITS and certain non-UCITS retail schemes (NURS) and those who advise on or distribute non-PRIIP packaged products, PRIIPs, UCITS and such NURS, including:
  • issuers of securities that are or may be classed as PRIIPs (including businesses that do not require Part 4A authorisation under FSMA)
  • life companies and discretionary investment management firms
  • firms providing services in relation to insurance-based investments
  • fund managers, including overseas fund managers, wealth managers and financial advisers
  • stockbrokers and other firms that provide advice to retail clients on funds and overseas funds
  • issuers of structured products and derivatives
  • firms operating retail distribution platforms

Respond to this discussion paper

We are asking for comments on this discussion paper by 7 March 2023. Your responses are non-confidential unless you request that they are not shared.

Send responses via this online form[2] or by email.

What happens next

The discussion period ends on 7 March 2023. After considering the responses, we will issue a Feedback Statement.