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Maggie Craig, ABI's Director of Financial Conduct Regulation, said:
“The ABI supports the European Commission’s aim to provide high levels of protection to consumers purchasing investment products. However, we have concerns about some of the PRIPs and IMD II proposals issued today.
“It is important that the changes actually benefit consumers. Consumers should be free to decide whether or not they require financial advice. Requiring consumers to take advice when buying an insurance PRIP, will restrict their access to financial investments and their ability to make their own investment decisions, and will have a negative impact on long-term savings.
“While the ABI is supportive of disclosure, there is no evidence of existing consumer detriment, and minimal future benefit, to warrant disclosure of commission on general insurance products.“