"The Investment Association has already put forward pragmatic solutions in this area and looks forward to further dialogue with the FCA and other European regulators."
The FCA declined to comment on the fact European regulators were told eight years ago that the summary risk indicators were likely to mislead investors but did re-iterate that it welcomed feedback to the consultation paper on how Priips and Kids are working in practice.
Francis Klonowski, who runs Klonowski & Co, an advice firm in Leeds and regularly recommends investment trusts for clients, said neither he nor his clients pay much heed to the contents of the Kid documents.
He said: "I have clients that I recommend trusts to, and I also have clients that used investment trusts before I ever knew them, and none of them has ever mentioned the Kid.
"I have one client who reads a lot about investments, but he doesn't read those (Kid). He isn't looking to invest in anything esoteric, just for trusts that do the job he wants them to do.
"The reality is the FCA seem to want to make investing less simple than it actually is.
"I won't be contributing to the call for input as for a one man band firm, such as mine, looking after clients is more important than talking to the FCA."
david.thorpe@ft.com
