Fund houses such as Baillie Gifford have expressed concern about this, stating that the equity bull market of recent years would generate future indicators that are not realistic.
Simon Fraser, chairman of the F&C investment trust and the Merchants Investment trust, said this requirement is a "future mis-selling scandal", as investors would look at the performance number indicated and treat it as a guarantee.
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Mr Fraser said: "In all of my career I have been told I cannot say past performance is a guide to future returns, but now apparently I have to."
The FCA's report this morning stated it will continue to work with firms to help them implement the Priips rules properly.
david.thorpe@ft.com
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