Disclosure documents provide financial information to consumers but are currently overly long and complex and unlikely to be read in full. We believe that there is a clear case for these to be simplified considerably. Whilst ensuring access to support services like advice and guidance remains a priority for policy makers, it is also the case that simplifying the disclosure of financial information to consumers will be a valuable tool in empowering people to make financial decisions, or at least help them on their journey.

The provision of financial information to consumers has long been dogged by jargon, leading to confusion for consumers who may not be as financially literate as those in other countries. Under the current regulations wealth managers and advisers are required to provide information that is largely unnecessary and in a form which means that the documents themselves may not even be read. For execution only investors, information provided continues to be opaque – acting as a barrier to engagement and not supporting decision making in the way that these disclosures should.

PIMFA believes it is vital that consumers understand the financial products they are buying and the potential benefits and risks of buying those products which means the information they are provided with should be clear and easy to understand.,