The Financial Conduct Authority (FCA) has proposed scrapping the requirement for packaged retail investment and insurance-based products (PRIIPS) providers to include performance scenarios in communications to clients.

The Financial Conduct Authority has called on the investment sector and wealth managers to improve the way they disclose costs and charges to clients following a review of the sector which found shortcomings.

PIMFA, which represents around 1,000 UK wealth managers and and financial advisers, has welcomed the FCA’s decision to further investigate industry concerns about the operation of the PRIIPs regime since its implementation in January.

The Association of Investment Companies has called for Key Information Documents (KIDs) to be suspended because it believes they are “systematically flawed.”