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FSA proposes single disclosure document that combines menu and IDD

The FSA has published a consultation paper proposing the introduction of a single disclosure document to combine the information contained in the menu and initial disclosure document.

The regulator says this would simplify investment disclosure and continue to give firms discretion over how the information is presented while maintaining their responsibility to consumers.

The FSA says in placing this simplified document in guidance, it is providing firms with an effective way of complying with a number of European Union disclosure requirements.

It adds that this may further reduce the number of documents investment advisers provide at the point of sale and give firms greater flexibility in achieving clarity for consumers.

The FSA says it is continuing to build on the new regime for the conduct of investment business, Conduct of Business Sourcebook, which came into force on November 1, 2007.

FSA director of retail policy and themes Dan Waters says: “Our emphasis on more principles-based regulation means focusing on the outcomes that matter, rather than processes and procedures. This new document aims to provide key information in a more streamlined way to help consumers better understand the services offered by advisers.

“But, as guidance, it is only one way for firms to comply with COBS disclosure requirements. Firms will be free to develop their own disclosure documents to provide effective and clear disclosure to their clients.”

The paper is open for consultation until May 19, 2008.


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