FSA proposes further simplification of investment advice disclosure

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FSA proposes further simplification of investment advice disclosure

The Financial Services Authority (FSA) is planning to develop its new regime for the conduct of investment business, by introducing a single disclosure document.

Its Conduct of Business Sourcebook (COBS) came into force on November 1st 2007, introducing a "principles-based approach to disclosure".

The group now wants to build on that by creating a single document that will combine the information enclosed in the Menu and Initial Disclosure document.

It aims to simplify investment disclosure and create a balance between firms' responsibility to their customers and their right to decide how the information is presented.

The FSA hopes that by streamlining the process it will enable consumers to "better understand" the services being offered by advisors.

Dan Waters, director of retail policy and themes at the FSA, said that this new proposal "means focusing on outcomes that matter, rather than processes and procedures".

The organisation released its 2008-9 business plan earlier this month, which outlines specific FSA initiatives concerning increased supervisory oversight in areas such as firms' liquidity, adequacy of stress testing and their general operational preparedness for unexpected events.
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