Mr Fraser said he felt the method prescribed by the regulator for creating the performance projections were overly optimistic due to the strong performance of equity markets over the past five years.
The board of the £1.3bn City of London investment trust also warned its own investors in February 2018 to treat the performance projections with “caution.”
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Andrew Bailey, chief executive of the FCA, has said he is “concerned” about the rules.
The deadline for comments on how Priip rules are working is 28 September.
emma.hughes@ft.com
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