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MPs call for greater simplification of disclosure

The FSA needs to give greater priority to its work to simplify the disclosure regime and expand the concept of summary boxes to more financial products, says the Treasury select committee.
In the third instalment of its report on financial inclusion, the TSC says the current key features document is confusing to consumers and the regulator must do more to ensure firms provide consumers with simple and clear information.
The group of MPs recommend that summary boxes- currently used to present key information about credit cards- should be used for other financial products.
In the report the TSC acknowledges the work the FSA is currently doing in this area in its move away from prescription and the fact this work has been held up by the implementation of Mifid.
Tiner told the TSC in an evidence session for the report that “the product disclosure regime has actually become too complex itself. The documents are too long; there is too much jargon.”
The report says: “Consumers buying investment products are currently provided with 11 separate documents, in addition to the marketing material form the company selling the product. The current documentation, such as the key features document, is confusing for consumers.
We recommend the FSA attaches a greater priority to this work to simplify the disclosure regime and ensure financial services companies provide consumers with simple and clear information.”

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