Date: 16th December 2021
Author: BETTER FINANCE

The EU offers pre-contractual information to non-professional investors before purchasing its investment products. Since 2018, the same Key Information Document (KID) has been used for these Packaged Retail and Insurance-based Products (PRIIPs). The European Commission asked the European Supervisory Authorities (ESAs) to survey the different stakeholders, beneficiaries, and issuers of the PRIIPs KID. The objective of this survey is to know about the implementation of this pre-contractual document.  

In view of the request for a general review of the application of this task, BETTER FINANCE, as a representative of beneficiaries of the PRIIPs KID, has done research to respond to this call for evidence, which includes its own survey on the Implementation of the MiFID II and PRIIPs frameworks, input from member organisations, and its own research. As a general response, it can be observed that only 31% of the respondents feel better informed by the KIDs, while 78% were below satisfactory and 86% were less than satisfied. Although some of the issues were not applicable to BETTER FINANCE, the document gives a fairly realistic picture of the views of stakeholders and beneficiaries.