FSA finds 'significant improvement' in firms' literature

The regulator stressed some documents were still not up to the standard it expects in many cases, but progress has been made. In 2007, a study of 200 KFDs and simplified prospectuses by the regulator found just 15% were likely to be effective. A further 50% met the detail of the FSA's rules on KFDs, but the documents were not readily understandable. The remaining 35% contained a number of deficiencies, making them unsuitable. The FSA challenged firms to improve their KFDs, and says its campaign has been successful. A re-review of the worst offenders in its 2007 study found significan...