The FCA has announced a consultation proposing to remove a number of disclosure requirements which it identified as not being effective in terms of informing consumers about a product or service and to reduce the regulatory burden on firms.
The Consultation Paper proposes to amend rules and guidance in the FCA Handbook on the following disclosures:
- Removal of requirement for firms to produce ‘Consumer-Friendly Principles and Practices of Financial Management.’
- Removal requirement for firms to produce a short report.
- Deletion of Initial Disclosure Document / Combined Initial Disclosure Document
- Deletion of template for Combined Initial Disclosure Document / Services and Costs Disclosure Document
Comments on these proposals will be accepted until 18 December 2015.