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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.

Adviser firms wishing to use the FSA's new ‘simplified' disclosure document could find themselves having to wade through up to 60 explanatory notes before they can construct their consumer guide.

The FSA will put transitional arrangements in place to enable investment advisers to continue using the Menu and IDD until 31 August 2009 before switching to a new simplified disclosure document.

The Association of IFAs (AIFA) has welcomed an FSA proposal to introduce a single disclosure document for advisers that would replace the Menu and IDD.

FSA director of retail policy Dan Waters has defended the regulator's insistence on offering guidance not rules on how advisers should submit their disclosure documents.

The FSA has proposed introducing a single disclosure document for advisers to explain their services and costs to consumers.

The FSA has confirmed advisers will have much greater flexibility on how they provide information to their customers on their status, the nature of their advice and how they are paid.

The FSA says it could replace menu and initial disclosure documents (IDD) with new requirements in 2008.

The Financial Services Consumer Panel (FSCP) has questioned the FSA's decision to scrap the costs Menu and Initial Disclosure Document (IDD).

So, the FSA have now announced that the menu document will disappear from the end of the year. I don't know if I should laugh with relief or cry about what will follow.