Within this, the regulator is proposing to maintain the Menu and the Initial Disclosure Document (IDD) while it continues to undertake the post-implementation review of the regime which was announced when the new rules were introduced.
The FSA will carry out an assessment of how well the regime is performing in meeting the objectives to provide consumer protection, help consumers shop around and ensure that they have access to a wide range of good value products. It is approaching the review with an open mind and will make substantial changes to the Menu and IDD if appropriate. It expects firms to adhere to the rules currently in place while the review is being undertaken.
The FSA is providing additional assistance and tools for firms to help them comply with the depolarisation regime which include a 'Build your own disclosure documents' tool, roadshows, surgeries, workshops, web pages and a factsheet. Further details are listed below:
The 'Build your own disclosure documents' tool is an online tool which helps firms compile their disclosure documents by providing them with a template based on their circumstances and will be available shortly on the FSA website;
The next roadshows for financial advisers are in Chepstow on 20 September and Sheffield on 21 September. They will include a session where firms are invited to review their own disclosure documents as part of the section which highlights key problem areas. There will also be the opportunity to raise questions with FSA staff before, during and after the event;
It is hosting surgeries - one-to-one appointments with a member of FSA staff – at which firms can raise whatever issues they need help with but they are welcome to bring along disclosure documents for review. The next surgeries are in Norwich on 12 September, Ipswich on 13 September and Colchester on 14 September;
It is running workshops called: Is my firm compliant? These cover a number of issues including disclosure. They will be held on 23 August (Canary Wharf, London), 12 September (Birmingham) and 19 September (Glasgow); and
Web pages dedicated to disclosure which include a factsheet focusing on key issues, good/bad practice examples highlighting common errors and templates.
