Packaged Retail and Insurance-based Investment Products Regulation FAQs
A PRIIP is defined as: an investment where, regardless of its legal form, the amount repayable to the retail investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets that are not directly purchased by the retail investor; or an insurance-based investment product which offers a maturity or surrender value that is wholly or partially exposed, directly or indirectly, to market fluctuations.
The purpose of the PRIIPs Regulation is to encourage efficient EU markets by helping investors to better understand and compare the key features, risk, rewards and costs of different PRIIPs, by providing clients with a short and consumer-friendly Key Information Document (KID).
A KID is a stand-alone, standardised document providing information regarding an investment product, otherwise known as a PRIIP.
Each KID will contain the following information in a pre-determined sequence as follows:
- Purpose of the product
- Product Name, Manufacturer details, Date of publication and regulatory state
- What is this product and its purpose?
- What are the risks and what could I get in return?
- What happens if manufacturer of the PRIIPs is unable to pay out?
- What are the costs and composition of costs?
- How long should I hold it and can I take money out early?
- How can I complain?
- Other relevant information
The FX rate within the KID, which is the end of day rate for the previous UK business day, is for illustrative purposes only to provide an indication of the risk and performance scenarios of the PRIIP. If you download and save a KID for future reference, the FX rate in the KID will not be updated and will therefore not be the latest one available.
For example, today’s date is 1 November (the KIDs will contain the end of day rate for 31 October)1 and you decide to save one of the KIDs. If, on 21 November, you decide to view the KID you saved on 1 November, the FX rate shown in the KID will be the rate of 31 October; it will not show the latest FX rate available which is the rate for 20 November. To view a KID with the most recent FX rates available, always visit our PRIIPs page.
1Assume that both 1 November and 31 October are UK business days.
The KID is updated daily and the FX rate on the KID used for the illustrative product terms is the end of day rate for the previous UK business day. In the event you require to view or access a back dated KID, please contact your usual Barclays’ relationship contact.
FX Spot Transactions are not within the scope of the PRIIPs Regulation. The KIDs that are available are for products offered by Corporate Banking which are within the scope of the PRIIPs Regulation; these are:
- Over the Counter Deliverable FX Forward Transaction
- Over the Counter Deliverable FX Swap Transaction
- Over the Counter Deliverable Option Dated FX Forward Transaction
You can download and print a paper copy of the KID from the the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation page. Alternatively, please contact your usual Barclays relationship contact to arrange for a copy of the paper KID(s) you require to be sent to you.
The FX rate within the KID, which is the end of day rate for the previous UK business day, is for illustrative purposes only to provide an indication of the risk and performance scenarios of the PRIIP.
For any queries or details on the KID, please contact your usual relationship contact or call 0808 169 2877*.