FCA calls for changes to consumer communications

clock

The Financial Conduct Authority (FCA) has called on firms, consumer groups and stakeholders to give consumers information in smarter and more effective ways.

The FCA made the call in the discussion paper, Smarter Consumer Communications, feedback is being sought with a deadline of 25 September 2015.

Making information clear and easy to understand through videos, infographics and other new approaches are among the ideas in the paper.

The FCA wants all firms to consider whether there is room for improvement in their own communications.

Ideas include using plain language in a short format with bullet points and clear graphics as well as interactive apps to understand and manage products.

Christopher Woolard, director of strategy and competition at the FCA, said: "All too often customer communications are so technical that even the most astute consumer would struggle to understand the information.

"Communications play a fundamental role in helping consumers make decisions about the products and services they buy which is why it's so important that we work with firms to get this right."

Further Reading:

FCA hits Lloyds with record £117m fine over PPI

FCA misses voluntary customer service targets after enquiries hike

APFA prioritises FCA budget freeze and longstop

More on Regulation

Implications of the PRA's 2025 life insurance stress test

Implications of the PRA's 2025 life insurance stress test

A regulatory shift

Sheikh Yasir
clock 01 November 2024 • 4 min read
Industry reacts: Autumn Budget 2024

Industry reacts: Autumn Budget 2024

Missed opportunities for health

Cameron Roberts
clock 31 October 2024 • 5 min read
Autumn Budget 2024: OBR predicts rise in IPT haul

Autumn Budget 2024: OBR predicts rise in IPT haul

Rate unchanged by Chancellor

Cameron Roberts
clock 31 October 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read