PIMFA has established an implementation Working Group to facilitate engagement across member firms, with the aim of supporting consistent interpretation, sharing emerging challenges, and agreeing best practice throughout the implementation process. We are also working closely with other trade associations to ensure effective information-sharing between manufacturers and distributors, and to coordinate the dissemination of guidance received from the FCA.

In parallel, a cross–trade association sub-group has been formed to consider the development of Machine Readable Files. This group is focused on identifying the critical data fields required and is engaging with FinDatEx to support timely and coordinated delivery.

We are currently engaging with stakeholders to consider how best to maximise the available transitional period. As it stands, manufacturers producing PRIIPs Key Information Documents are required to update these by the 35th business day following the end of the calendar year. This creates a risk that a large proportion of firms may choose to publish product summaries at this point, in order to avoid duplicative updates under both the existing and new regimes.

A key priority is ensuring that distributors receive sufficient notice of manufacturers transitioning to the new regime, enabling them to make the necessary operational adjustments and maintain continuity of distribution.

If you would like to join the working group and keep up to date with these developments, please contact Julia Sage-Bell.