UK Money News
25th July 2008
FSA to simplify investment guidance
A new document on guidance that investment advisers can give to customers is set to be issued by the Financial Services Authority (FSA).
Following proposals on the idea earlier in the year - where the FSA suggested a more principles based approach to disclosure - it has been announced that the new system will become effective on August 6th this year.
Andrew Sykes, head of retail investment policy at the FSA, said the new system will give firms more freedom to provide personal finance guidance to consumers.
"It aims to help firms provide key information in a more streamlined way to help consumers better understand the services being offered and the cost of those services," he said.
Mr Sykes added that firms will also be able to develop their own guidelines to help meet the new regulatory requirements.
The FSA is an independent non-governmental body that regulates the financial services industry.
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