We welcome anything that makes it easier for you to compare our products and decide which ones are best for you – whether you’re a direct member, an adviser or an introducer.

With that in mind, we were pleased recently when we saw the Financial Conduct Authority’s new rule changes, which have been brought in to help you to do just that. Comparing the relative merits of different financial products can sometimes be daunting – even for those of you who do it professionally – so the new rules around Packaged Retail and Insurance-based Investment Products (PRIIPs) are very welcome. We thought we’d give you our thoughts on the new requirements here.

Significant changes

So, what do the new rule changes mean exactly? Well, the FCA have now asked that all new investors should receive a Key Information Document (KID) that offers some really clear, practical examples to help them to compare the product’s features. They include everything from projected performance scenarios – using the example of a £10,000 single premium investment and for regular premium investments an annual premium of £1,000 – through to a clear, graphical illustration of the amount of risk the investment represents. We think this will all prove hugely helpful, and should make the job of deciding where to put your money considerably easier.

An up-to-date guide

The other aspect of KIDs that we think will really benefit our customers is just how accurate and current they are – they will be updated every three months to reflect any changes, and you’ll also always be able to take a look at the latest ones on our website. Whether you’re a new investor with us, an adviser or an introducer, we’d always recommend that you check back with us regularly to make sure you’ve got the very latest version of the KIDs for your products.

A couple of final points about KIDs to remember here – firstly, they’re much more than just marketing materials – we’re actually now legally required to provide them with our investment products. We’re already doing so, for our ISA, JISA and Savings Plans, and we think that you’re going to find them really useful.

Secondly, there are a few important differences between KIDs and personal illustrations – so if you’d like to find out more about these, or if you have any other big questions about KIDs that you’d like answered, then just give us a call.