Revealed in the regulator's Consulation Paper, the proposals are designed to help advisers provide consumers with clear and simple information about services and costs.
It follows on from the FSA's principles-based regime for the conduct of investment business introduced in November 2007.
The latest plans involve a single disclosure document, also in guidance, to combine the information contained in the Menu and Initial Disclosure Document (IDD).
It would allow firms to exercise discretion over how the information is presented while maintaining their responsibility to consumers.
The regulator is also seeking views on whether it would be appropriate for the industry to develop guidance in this area.
Dan Waters, director of retail policy and themes at the FSA, said: "Our emphasis on more principles-based regulation means focusing on the outcomes that matter, rather than processes and procedures.
"As guidance, the document is only one way for firms to comply with COBS disclosure requirements. Firms will be free to develop their own disclosure documents to provide effective and clear disclosure to their clients."
The FSA invites views on the questions set out in the Consultation Paper by 19 May 2008.
