IFAs put forward proposal for one page platform disclosure document

The IFA firms that own and control the Nucleus wrap have devised a proposal for a one page disclosure document they believe should set the standard for the platform industry.
The proposal is part of a wider-reaching White Paper – Fit for Purpose Platforms…in Black and White – prepared by the Nucleus IFA Advisory Board with the intention of informing the debate around some of the more contentious issues regarding the development of the platform market and in particular those issues covered in FSA papers DP10/2 and CP10/29.
The Board, chaired by John Moore, director of Aberdeen-based Central Investments, believes the proposed disclosure document it has set out strikes an appropriate balance between providing relevant information and ensuring data accessibility.  What is more it fits onto one page.
Entitled ‘Key facts: what you absolutely need to know’, the proposed one pager has been designed to make it absolutely clear to consumers what they can and cannot do and also includes an explanation and summary of the charges the client would be expected to pay.
Commenting John Moore said:
“The Nucleus IFA Advisory Board believes that the Retail Distribution Review (RDR) presents a remarkable opportunity for the retail financial services sector to embark on a new relationship with the UK population.
“Partly due to the disclosure of advice charges demanded by the FSA and partly due to the requirement for more tailored financial solutions, it appears widely accepted that platforms will provide much of the infrastructure to support the execution of the RDR.
“We believe that by combining transparency with the significant advances in technology that we have witnessed over the last few years platforms will be able to deliver a proposition that places the client firmly centre stage, and which in turn will help the FSA deliver on its RDR objectives. The one page disclosure document we have put forward is a small, but hugely important, step in this process.”