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“If they’re not good enough for UCITS…”

20 November 2018

AIC responds to proposal to delay KIDs by two years for UCITS funds.

With the European Commission indicating that it supports a delay in the implementation of Key Information Documents (KIDs) for UCITS funds for two years, the Association of Investment Companies (AIC) has called for KIDs to be suspended for all investment products.

Ian Sayers, Chief Executive of the Association of Investment Companies said: “The proposed delay lets the cat out of the bag.  Though no doubt it will be dressed up rather differently, the real motivation for a delay is that KIDs are so toxic for retail investors that regulators fear it will damage the UCITS brand itself.

“As the flagship of European funds regulation, this is understandable but where does that leave investors in other funds?  They have been misled by KIDs for nearly a year now.  Don’t they deserve the same protection? 

“Recent proposals for reform will not resolve these fundamental problems.  Investors in non-UCITS funds should not be treated as second-class citizens.  The KID should be suspended for all products to allow time to fix the problems once and for all.  If KIDs are not good enough for UCITS investors, then they are not good enough for purchasers of investment companies.”


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  1. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed-ended investment companies, incorporating investment trusts and other closed-ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help members add value for shareholders over the longer term. The AIC has 355 members and the industry has total assets of approximately £182 billion.
  2. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.
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