The FCA’s policy statement PS16/23 follows its consultation paper CP15/32 which contained its proposals to remove certain disclosure requirements from the Handbook. The policy statement confirms the removal of ‘ineffective’ requirements as part of the FCA’s focus on promoting smarter customer communications.
The FCA has decided to remove the rules and guidance around the following documents:
- the Initial Disclosure Document (IDD) from ICOBS;
- the Combined Initial Disclosure Document (CIDD) from MCOB;
- the Combined Initial Disclosure Document (CIDD) and Services and Costs Document (SCDD) from COBS;
- the short report to be produced by AFM of UCITS schemes and non-UCITS retail schemes; and
- the Consumer-Friendly Principle and Practices of Financial Management (CFPPFM).
The changes to the Handbook will take effect from 1 February 2017, save for the changes affecting the short reports and SFPPFM which will take effect from 22 November 2016.