Key Information Documents (KIDs) and Key Investor Information Documents (KIIDs) are regulatory documents produced by fund managers and available from us, about funds such as OEICS and unit trusts. You need to provide one or other of them (whichever is current) to clients investing in funds held directly in an ISA or Collective Investment Account (CIA). For new Collective Investment Bond (CIB) business, you are required to provide clients with a product KID. This is produced by Old Mutual Wealth.
What’s the difference between them?
Whilst similar in terms of their purpose and the information they provide, KIDs and KIIDs are currently regulated by two separate pieces of European legislation.
- Key Information Documents (KIDs) are covered by the new ‘Packaged Retail and Insurance-based Investment Products’ (PRIIPs) regulations. They provide key facts and important information, enabling clients to compare potential investment opportunities.
- Key Investor Information Documents (KIIDs) are covered by the 2011 ‘Undertakings for Collective Investment in Transferable Securities Directive’ (UCITS) regulations. They detail key facts about the way each fund works and its investment risks. They are designed to assist clients in making an informed investment decision.
To avoid confusion, KIDs are gradually replacing KIIDs – a process that will be complete by 1 January 2020.
Access Key Information Documents (KIDs) and/or a Key Investor Information Documents (KIIDs)