FSA drops proposals for a "mandatory disclosure template"

09/13/2010 | Bloomberg

The UK Financial Services Authority has decided to forgo proposals to create a "mandatory disclosure template" for lenders and instead encourage banks to use a code drafted by an industry group. The watchdog acknowledged "some of the potential drawbacks to a template approach". "While we believe that these drawbacks are not necessarily insurmountable, we recognise that developing the templates, and ongoing compliance with these templates by credit institutions, will probably require" a commitment of "considerable resources".

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