CIPR 4.4.1 Initial disclosure documents — general

(1) An authorised firm must draw up an initial disclosure document and must give a copy of it to every retail customer or business customer, in a durable medium, before providing any service to that customer.
(2) An initial disclosure document must be a stand-alone document, in type of a reasonable size, and no more than 3 A4 pages long.
(3) An initial disclosure document must be entitled either initial disclosure document or terms of business. No other title may be used.
(4) The copy of an authorised firm's initial disclosure document that is given to a customer must be dated, and must be signed by an employee of the firm. The firm may ask a customer to sign a copy, but only as evidence of the customer's having received a copy of the document.
(5) An authorised firm must ensure that the initial disclosure document that the firm gives a customer contains, in plain English, the information that the firm reasonably considers will be, or is likely to be, appropriate for the customer, taking into account:
(a) the activities that the firm may conduct with or for the customer; and
(b) whether the customer is a retail customer or a business customer.
(6) The information in an initial disclosure document must begin with the information required by rule 4.4.2, and must continue with the sector-specific information required in the particular case.
(7) An authorised firm must periodically review its initial disclosure document to ensure that all of the information in it is accurate and current.
(8) If an authorised firm makes a material change to its initial disclosure document that will be relevant to, or will affect, existing customers, it must give a copy of the revised document to all of its existing customers without delay.
Derived from QFCRA RM/2019-2 (as from 1st January 2020).