Readers will be aware of the contents of the Key Investor Information Document (“KIID”) required by the EU’s UCITS IV Directive. In the UK, the FSA will also require an additional document containing supplementary information to be supplied with the KIID — the “Supplementary Information Document” (or “SID”).
Following the introduction of the KIID, the FSA has introduced an additional requirement for firms to disclose (in the SID) information regarding complaint handling procedures, compensation arrangements and cancellation rights to consumers, alongside the KIID. However, the FSA has not been specific regarding the format of the SID and has left it to the funds industry to devise ways of communicating this information, although the FSA has advised that the document should be presented in a sufficiently clear format to catch the attention of potential investors. Unlike the KIID, the SID is not required for non-retail investors, however.
The Investment Management Association, on 28 November 2011, produced a template for the SID for its members and welcomes comments on it.