The FSA's templates for initial disclosure documents (IDD) and menus have a higher number of non-compliance problems among firms that use them compared to those who create their own versions.
An FSA review of its implementation of COBS, found firms that created their own IDD and menu without using the FSA's recommended templates produce better documentation than those who use the COBS guidance. The FSA also says it remains concerned a large number of firms only had a basic understanding of COBS months after it came into effect. COBS guidance, published in November 2007, contained a number of templates for firms to use when constructing their IDD and menu. However, the FSA found a high proportion were failing to comply in a number of areas, including missing information on ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
