PS 04/11: stronger cancellation rights

FSA Handbook changes resulting from PS 04/11 will generally leave firms providing retail services “unaffected”, the regulator says, yet it also urges firms to “where appropriate change their systems and processes and documentation”. Services providers should also be aware the FSA is allowing firms to accept oral cancellation of contracts, although there will be no requirement to offer such a cancellation method. Terms of business, product disclosure requirements and financial promotion rules are all beefed up in addition to stronger cancellation rights, the FSA adds. One priority o...