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FSA unveils replacement for Menu and IDD

The FSA has announced it will introduce the Services and Costs Disclosure Document to replace the Menu and Initial Disclosure Document in August.

The regulator says the document will combine key information about firms’ services and costs and will provide firms with greater flexibility to explain the cost of their services in their own words.

As guidance it will be one way for firms to meet COBS disclosure requirements, although firms will be free to develop their own material in order to comply.

The FSA will be putting transitional arrangements in place to enable firms to continue using the Menu and IDD until August 31, 2009.

The regulator says this will allow firms to exhaust their existing stock of documents and give them time to consider the disclosure option that best suits their business model.

FSA head of retail investment policy Andrew Sykes says: “Our emphasis on more principles-based regulation means focusing on the outcomes that matter and giving firms the freedom to meet these outcomes flexibly. This new material builds on the guidance that currently exists and will further simplify investment disclosure.

“It aims to help firms provide key information in a more streamlined way to help consumers better understand the services being offered, and the cost of those services.”

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