Key Information Documents (KIDs) and Key Investor Information Documents (KIIDs) are regulatory documents produced by fund managers about funds such as OEICS and unit trusts. One or other of them must be provided by financial advisers to anyone investing in funds held directly in an ISA or Collective Investment Account (CIA). KIDs must also be provided for certain investment products, including the Collective Investment Bond.
Depending on the investment you are making, your financial adviser will provide you with whichever type of document is available. If you are making an ISA or CIA investment without advice, you will need to confirm to us that you have seen the relevant documents.
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 ‘Packaged Retail and Insurance-based Investment Products’ (PRIIPs) regulations. They provide key facts and important information, enabling customers to compare potential investment opportunities.
- Key Investor Information Documents (KIIDs) are covered by the ‘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 customers in making an informed investment decision.
To avoid confusion, KIDs will eventually replace any remaining KIIDs by 1 January 2020.
Looking for a Key Information Document (KID) or a Key Investor Information Document (KIID)?