Tuesday, 7 June 2011

PRIPS - EU Insurance industry dodging a bullet?

I had lost track of this one while concentrating on Solvency II, but the draft EU legislation on Packaged Retail Investment Products (PRIPS) is reportedly due to be watered down into irrelevance.

From a governance angle, there was some leverage in this proposal as it was drafted (sharp remuneration practices on some of these product types would surely have been blunted), but the industry didn't seem to fancy it from the off, and it looks like they will get their way. Admirable ambition from the EU, but may need to wait.

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