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.