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AIC welcomes FCA’s pragmatic approach to KIDs

24 January 2018

Ian Sayers comments on FCA’s statement on communication in relation to Key Information Documents (KIDs).

The Association of Investment Companies (AIC) today welcomed the FCA’s statement on Key Information Documents (KIDs).  The FCA has stated that, where there is concern that the performance scenarios are too optimistic, investment companies or their managers can “provide explanatory materials to put the calculation in context and to set out their concerns for investors to consider.”

Ian Sayers, Chief Executive of the Association of Investment Companies (AIC) said: “We are encouraged by the pragmatic approach to the industry’s concerns. Directors of investment companies have expressed their misgivings about the performance scenarios that KIDs require which, in some cases, are too optimistic. It is one of the pleasing features of the investment company sector that independent boards of directors are more concerned with providing an accurate picture to investors rather than simply complying with rules.

“There are still fundamental problems with the KID rules which we will continue to discuss with the European Union. However, directors and their managers will now at least be able to present a more balanced picture to investors.”


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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 347 members and the industry has total assets of approximately £174 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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