Handbook Notice 79
Handbook Notice 79 - Better Regulation Ltd
Handbook Notice 79 - Better Regulation Ltd
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Changes:<br />
Changes to GEN 5 Annex 1G<br />
Addition of COBS 2.2.-1R<br />
Changes to COBS 2.2.1R<br />
Changes to COBS 6.2.11G<br />
Changes to COBS 6.3.2R, 6.3.3G, 6.3.4R, 6.3.5G,<br />
6.3.6G, 6.3.7G, 6.3.8G and 6.3.9G<br />
Deletion of COBS 6.3.10G, 6.3.11R, 6.3.12G and<br />
6.3.13G<br />
Changes to COBS 6.3.14G<br />
Deletion of COBS 6.3.15G and 6.3.16G<br />
Changes to COBS 6.3.17G<br />
Deletion of COBS 6.3.18G<br />
Changes to COBS 6.3.19G and 6.3.20G<br />
Replacement of COBS 6 Annex 1G and 6 Annex 2<br />
Deletion of COBS 6 Annex 3G, 6 Annex 4G and<br />
6 Annex 5G<br />
Changes to COBS 7.2.2G<br />
Deletion of COBS 7.2.2AR<br />
Addition of COBS 7.2.2BG<br />
Changes to COBS 9.6.6G and 9.6.7R<br />
Changes to COBS TP 2<br />
Changes to MCOB TP 1.1<br />
2.18 Following consultation in CP08/3 2 , the Board has made amendments to the<br />
<strong>Handbook</strong> which introduce a new disclosure document (‘services and costs disclosure<br />
document’) into guidance that investment firms may use to explain their services and<br />
costs to consumers. Changes have also been made to the combined initial disclosure<br />
document in order to have consistency between the investment sections of this<br />
document and the new services and costs disclosure document.<br />
2.19 The services and costs disclosure document aims to be simpler and more flexible for<br />
firms and to present information to consumers in a clear and simple way. It brings<br />
together into one document the key information about the service offered and the cost.<br />
2.20 As the services and costs disclosure document is guidance rather than rules, firms are<br />
free to develop their own disclosure material to comply with COBS if they want to.<br />
2.21 The new guidance and associated changes to the <strong>Handbook</strong> will take effect on<br />
6 August 2008. Transitional arrangements will allow firms to continue using the<br />
IDD, menu, and the current versions of the CIDD until 31 August 2009. This should<br />
allow firms to exhaust their existing stock of documents and will also give them time<br />
to consider which disclosure option best suits their business model.<br />
2.22 Feedback on CP08/3 is being published in a separate Policy Statement.<br />
2 CP08/3 Simplifying Disclosure: Information about services and costs (February 2008)<br />
Financial Services Authority 11
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