Treasury and FSA have responded to the Commission’s consultation on PRIPs. They support any move to remove unnecessary differences between sectors of the financial marketplace and to improve disclosure and conduct of business standards. The UK has used a horizontal approach in applying MiFID standards to products not within MiFID and has found it to work. Given the UK experience, the UK regulators feel the changes to conduct of business standards should go further than proposed, to mirror the moves already taken by the UK in relation to adviser disclosures, independence and disclosure of costs and commissions. It is also worried that the current proposal to introduce changes separately through the MiFID and Insurance Mediation Review risks inconsistency and urges the Commission to use a more consolidated approach. (Source: UK Authorities’ response to the Commission Services’ consultation on Packaged Retail Investment Products (PRIPs))