FCA to remove "ineffective" communication rules

The rules which will be amended include The Services and Costs Disclosure Document, which highlights key information about costs and services in a single document. However there had been concerns that consumers were receiving duplicate information and that costs and services were not being explained in the most efficient way.

Other removals include The Consumer-Friendly Principles and Practices of Financial Management and The Initial Disclosure Document.

Christopher Woolard, director of strategy and competition at the FCA, said:

“We would like to see firms changing the way they interact with their customers. We have been encouraged to see a number of firms are already doing this.

“Today’s announcement reflects our commitment to sustainable regulation and addresses disclosures that are not working for consumers, giving firms the freedom to communicate with their customers in a more flexible and open way.”