Member

The instrument, according to the documents in front of us, therefore represents an immediate change in policy to address the concerns about the misleading cost disclosures that have resulted in massive selling and an inability to raise new capital. Sadly, what we have seen—notwithstanding the September report from the Capital Markets Industry Taskforce that specifically highlighted that the Government need to do what they have now done in terms of issuing urgent legislation, clarification and immediate transitional forbearance to stop the disclosure of costs that consumers do not bear as if they do bear them—is wording being used by retail investment platforms to justify banning some investment trusts from their platforms if those investment trusts wish to follow exactly what these instruments, particularly the PRIIPS one which is meant to be immediate, require and wish to see happening. It is quite interesting. It was said, for example,