Your obligations under PRIIPs Regulation

Jason Walsh, Investment Proposition Manager at Aviva Life & Pensions Ireland gives a brief summary of your obligations under the new PRIIPs regulations (Packaged Retail and Insurance-based Investment Products Regulation) which took effect on 01 January 2018.

Products in scope: Non pension single premium investment and regular premium products currently open to new business. For Aviva our products in scope are Investment Bond and Regular Saver.

l Funds in scope: All funds available through these products.

l Your obligation: Provide your customers with a Key Information Document (KID) for all fund/product options being considered in good time before your customer is bound by any contract or offer relating to that PRIIP.

l What does in good time mean: Exactly what ‘good time’ means depends on both the PRIIP and the customer. You need to assess the time needed by each customer to consider the KID taking into account the following:

– The knowledge and experience of the customer with the PRIIP or with PRIIPs of a similar nature);

– the complexity of the PRIIP; and

– any urgency explicitly expressed by the customer to conclude the proposed contract/offer.

l A KID is a generic three page document. Your customer will still need to receive personalised documents required under the various regulations, namely; suitability statement, presale key feature, post sale key features, conditions and schedule.

l How you need to provide the KID to your customers: The default position is to provide the KID in paper format for face-to-face meetings. This must be provided free of charge to the customer. If appropriate in the context of the business conducted and the customer has chosen another medium over paper, the KID can be provided over the web or via email. Our new PRIIPs KID tool allows you to print a hard or pdf copy of the email that you sent to your customer with a link to the KID for your files. As part of the Regular Saver and Investment Bond application forms:

– You must sign a declaration confirming that you have provided a copy of the relevant KIDs to your customer in an appropriate medium as requested by the applicant(s).

– Your customer must sign a declaration confirming that they have received a copy of the Key Information Document(s) in a medium they have chosen.

l Pre-contractual obligation: So you’re not obliged to send a KID to your customer when they perform a fund switch, a top up or assignment.

l Consequence of non compliance: If a PRIIP manufacturer or a broker does not abide by the regulations, the CBI can impose sanctions including administrative fines of up to €5 million at least or 3% of the total annual turnover of the legal entity or the CBI could prevent the manufacturer from offering a product.

l You can learn more in the FAQ section of our PRIIPS KID tool. This tool can be found at:\ broker. A customer version of this document can be found on:

The information in this article is based on our current product offering and current understanding of the regulations and is subject to change.

Our new Key Information Documents tool makes it easy to:

l Find and print/email the relevant KIDs to your customers.

l Email multiple KIDs to your customers and facility to print confirmation email for your records.

l Hover over tool to explain the different elements of the KID.

l Expand FAQ section with video training.

l Broker (\broker) and customer version available (

l Contact us section. Financial Broker Use Only

Aviva Life & Pensions UK Limited, trading as Aviva Life & Pensions Ireland, is authorised by the Prudential Regulation Authority in the UK and is regulated by the Central Bank of Ireland for conduct of business rules.

Aviva Life & Pensions UK Limited, trading as Aviva Life & Pensions Ireland, is also regulated in the UK: by the Prudential Regulation Authority for prudential rules and, to a limited extent, by the Financial Conduct Authority for applicable UK conduct rules. Registered Branch Office in Ireland (No 906464) at One Park Place, Hatch Street, Dublin 2. Tel 01 8987950Web

Registered in England (3253947) at Wellington Row, York, YO90 1WR.