ME Group have backed the FCA’s changes to Packaged Retail and Insurance-based Investment Products (PRIIPs) in a bid to protect consumers against mis-selling.

The decision will affect those that manufacture, advise on, or sell PRIIPs, and they will now have to produce a Key Information Document (KID) about the products they’re offering.

The changes will remove information about the performance of certain products, which can be misleading for consumers, helping them to make more informed investment choices.

ME Group’s Chief Insurance Officer, Grant Cumbley, heads up the company’s After-the-Event (ATE) insurance function to support the Group’s deployment of consumer litigation funding via law firms.

Speaking in favour of the new regulations, he said:

“This is a good step in the right direction. The focus should always be to ensure consumers are protected regardless of the product they’re buying.

“These new regulations will prevent people from being financially disadvantaged like many others have been in the past.

“Individuals who are investing in these products, will now hopefully have all the relevant information at their disposal to make a responsible decision.”

Based in Manchester, ME Group specialises in championing access to justice through litigation funding and LegalTech.

Following feedback from respondents, firms will now have until the 31st December 2022 to implement the changes.

While some respondents called for a fundamental review of the whole PRIIPs regime, the legislative changes made by HM Treasury were targeted to fix the most harmful issues quickly following the UK’s exit from the EU.