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The Commission, which is expected to publish its final proposals for the regulation in June, says this is from a “very early working level draft” and the scope of the Directive is “very much still under review”.
Speaking to Money Marketing, Kamall, who is Shadow Rapporteur on the regulation, says he supports its intention to streamline disclosure standards, but he is yet to be convinced that pensions should be included. He says: “I can understand why some might think pensions should be included, since they are one of the most important investments an individual makes in their lifetime. However, this seems to be a case of regulatory overkill with serious unintended consequences, in particular for the UK’s auto-enrolment scheme.”
Sources in the Parliament say even if the Commission looks to exempt pensions from PRIPs, [Rapporteur] Beres is likely to push for them to be included.