A consumer testing study was undertaken as part of the work to develop the existing content of the KID in 2014 and 2015 [Consumer testing study of the possible new format and content for retail disclosures of packaged retail and insurance-based investment products, published on 10 November 2015]. The study involved testing a wide range of different approaches to showing information on risk, potential rewards and costs, including inter alia the use of graphs, tables and different types of visual techniques. Given the range of options tested and depth of the evaluation, this study remains relevant when considering how the KID could be changed. During this current review the ESAs, therefore, continued to use the findings from this original consumer testing to inform their judgements as to which types of approaches are likely to be most effective from a consumer perspective.

Nonetheless, given that additional consumer testing would clearly bring added insights and evidence regarding the efficacy of the current KID as well as possible changes, from the outset of this review, the ESAs explored with the European Commission the possibility to undertake a further study. Within the timeframe, it was possible to launch a more targeted study that analysed different presentations of performance information. The testing was led by the European Commission, but was conducted with the assistance of the ESAs, and the content of the testing was based on options proposed by the ESAs.