What are Key Facts documents?
Key Facts documents set out the main features of a plan, product or service.
A document that insurers, investment firms and employers are required by the regulator or law to produce.
Key Facts should contain a summary of the policy from an insurer, in easy-to-understand terms.
In simple terms, a key facts document is a breakdown of all the information a customer needs to know when signing up for an insurance document.
Credit Card Applications
Consumers should always be provided with or given access to, a Key Facts Sheet before entering into a credit card contract.
FCA research shows that most credit cards have a complex combination of features, fees and interest
Customers are legally entitled to be given certain information before entering into a credit agreement.
Regulated credit agreements firms are required to provide this information in a format which captures the key features of the proposed credit agreement.
Ensure that your company is adhering to local laws and regulations.
In the UK formats are prescribed in the Consumer Credit Directive and set out in the Consumer Credit (Disclosure of Information) Regulations 2010.
All new agency workers must be given a ‘Key information document’ before agreeing to terms with an employment business.
This is a document that provides key investor information about a fund.
The information is required by law to help investors understand the nature and risks involved. This is to enable an investor to make an informed decision.
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Good To Know
We can produce ‘Key Facts’ or ‘Key Features’ documents specifically for your local regulatory or legislative region.
Our services can extend from the UK to support across Europe, the USA, Australia, Canada and New Zealand.
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Misleading advertising and sales practices, along with low levels of financial literacy, can lead to poor financial decisions for consumers.
Ensure your business conducts its activities ethically and legally.
Government, public bodies and organisations are often required to adhere to the same laws and regulations.
In the United Kingdom, the NHS and all other publicly funded social care organisations must also comply with the Accessible Information Standard.
We provide an on-demand consultancy service if you are looking to develop expertise and skills in-house.
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