In July 1994, following a lengthy development period, new rules were announced for the disclosure of information in the case of life and pensions products. The new rules, which were scheduled for implementation on 1st January, 1995, contained details of how investors should be informed about product content, the effect of charges and expenses and commission or remuneration paid to advisers. In September 1994 work began on the development of a comparable regime for unit trusts and other non‐life products. In July 1996 the Personal Investment Authority announced its conclusions and rules for this range of products will be implemented in May 1997. This paper contains details of requirements.
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