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The Financial Services Authority (FSA) has confirmed it plans to further simplify guidance for investment advisers on how they should provide consumers with information about costs and services.
In February, the FSA proposed introducing a single document in guidance to replace the Menu and Initial Disclosure Document (IDD).
This followed the launch of the FSA's new investment conduct of business regime (COBS) in 2007, which introduced a more "principles-based" approach to disclosure.
FSA officials announced the organisation will build on COBS by introducing the new Services and Costs Disclosure Document on August 6th this year.
It will combine in one document key information about a company's services and costs and will be designed to provide firms with greater flexibility to explain the cost of their services.
FSA head of retail investment policy Andrew Sykes said: "Our emphasis on more principles-based regulation means focusing on the outcomes that matter, and giving firms the freedom to meet these outcomes flexibly."
He added the new guidance would "further simplify" investment disclosure.
Earlier this month the FSA fined a Kilmarnock mortgage firm £11,900 for failing to adequately supervise an adviser, resulting in applications containing false and misleading information being submitted to lenders.
