Friends First have implemented the requirements of the Packaged Retail and Insurance-based Investment Products (PRIIPs) new pre-sale disclosure regime across its range of life insurance investment and savings products. The regulation comes into effect on 1st January 2018 and requires that a generic Key Information Document (KID) is provided to the retail investor in good time before they are bound by the contract.
The aim of the KID is to provide a common template to explain risk, reward and costs making it easier to compare investment products.
From the 1st January, a KID will automatically be generated for the selected product and for each selected fund at the time of quotation along with the usual “Personal Illustration”. A summary of the differences between these two documents is also provided at this stage. All of the KIDs are also published on our website, along with some additional helpful information, at friendsfirst.ie/kids.
A new declaration which requires the signature of the customer confirming receipt of the relevant KIDs has been added to the relevant application form.
If you have any queries please contact your Friends First Account Manager or Broker Support Team.