Preparing for Brexit: Packaged retail and insurance-based investment products—quick guide
Preparing for Brexit: Packaged retail and insurance-based investment products—quick guide

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Preparing for Brexit: Packaged retail and insurance-based investment products—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation
  • Key changes introduced by the PRIIPs Exit Regulations
  • Regulatory Technical Standards—PRIIPs
  • FCA Handbook changes

This Packaged Retail and Insurance-based Investment Products Regulation (Regulation (EU) 1286/2014) (PRIIPs Regulation) quick guide details current UK legislation, retained EU legislation and Financial Conduct Authority (FCA) rules and guidance that will be amended by the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (SI 2019/403) (PRIIPs Exit Regulations or SI 2019/403) and other instruments in the event of a no-deal Brexit.

UK preparations for Brexit

The PRIIPs Exit Regulations are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The PRIIPs Exit Regulations form part of the process of domesticating (or ‘onshoring’) EU law to ensure legal continuity at the point of the UK’s exit from the EU. EU(W)A 2018 onshores and preserves most EU and EU-derived law as it stands immediately before the UK’s departure.

In October 2019, the UK government and the European Commission announced agreement in principle on the revised legal terms of the UK’s withdrawal from the EU, and in December 2019, after winning a majority in the UK general election, the government reintroduced the European Union (Withdrawal Agreement) Bill to the House of Commons. The Bill passed its third reading on 9 January 2020 and has now gone to the House of Lords.

The new Withdrawal