As of 10 July 2024, financial advice firms are no longer required to provide a Financial Services Guide (“FSG”) to each individual client if they make Website Disclosure Information publicly available on their website.
What is Website Disclosure Information?
Website Disclosure Information is the same information that the financial advice firm would otherwise have needed to include in an FSG.
Do clients need to be told about the Website Disclosure Information as part of the onboarding process?
No, clients do not need to be told about the Website Disclosure Information as part of the onboarding process. However, you may choose to let them know that it is available on your website (for example, in your initial correspondence).
Do clients need to be provided with a link to the Website Disclosure Information as part of the onboarding process?
No, clients do not need to be provided with a link to the Website Disclosure Information as part of the onboarding process. However, you may choose to provide them with a link to the relevant webpage(s) (for example, in your client services agreement).
Can we just post our existing Financial Services Guide on our website?
To ensure that you are covered by the exemption, you should:
change the title of the document from ‘Financial Services Guide’ to ‘Website Disclosure Information’;
ensure that the document no longer refers to itself as ‘this Financial Services Guide’ or ‘this FSG’;
amend your website to reflect these changes (for example, replace all references to your ‘Financial Services Guide’ with references to your ‘Website Disclosure Information’); and
cease referring to the document as a ‘Financial Services Guide’ (for example, in correspondence with clients).
Once these changes have been made, you may post the ‘Website Disclosure Information’ on your website as a PDF or in text form across one or more webpages.
Can I continue to provide clients with a Financial Services Guide?
Yes, you can continue to provide clients with an FSG. However, if you do, the existing FSG requirements will continue to apply even if you also make Website Disclosure Information publicly available on your website.
Are there any other requirements for Website Disclosure Information?
Yes, a number of specific requirements apply to Website Disclosure Information, including requirements to:
Ensure that the Website Disclosure Information is kept readily accessible by the public. Website Disclosure Information is not readily accessible by the public if it is password protected or only accessible to people who have created an account or paid a subscription.
Ensure that the Website Disclosure Information is kept up to date and specifies the date on which it was prepared or last updated (which includes a material alteration).
Ensure that all alterations to the Website Disclosure Information are authorised by the Licensee.
If the providing entity is an Authorised Representative – ensure that the distribution of the Website Disclosure Information by the Authorised Representative has been authorised by the Licensee.
If you have any questions about transitioning from Financial Services Guides to Website Disclosure Information, please get in touch with Richard Hopkin or Emma Johnson from Cowell Clarke’s Financial Services Team.
This publication has been prepared for general guidance on matters of interest only and does not constitute professional legal advice. You should not act upon the information contained in this publication without obtaining specific professional legal advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication and to the extent permitted by law, Cowell Clarke does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting or refraining to act in relation on the information contained in this publication or for any decision based on it.