The European Scrutiny Committee in the House of Commons has gathered reports from the Economic Secretary to the Treasury on the "Retail Package" the European presented on 3 July. On UCITS V, the Government is opposed to restrictions on depositary eligibility and wants a mechanism to allow a contractual discharge of liability in third countries where a sub-custodian is required. Regarding the Packaged Retail Investment Products (PRIPs) initiative and the revised Insurance Mediation Directive (IMD2), the Government is concerned with the non-binding character of the Alternative Dispute Resolution procedures in the proposals, as this would weaken the existing powers of the Financial Ombudsman Service. The Government will also propose a proportionate requirement to inform customers about the possibility of unbundling packaged products, rather than the outright ban on tying insurance products to non-insurance products currently proposed under IMD2. (Source: 16th Report of Session European Scrutiny Committee)
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Parliament looks at EU Retail Package
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