Marketing and Legal departments in financial services firms need to work closely together to produce documents that meet the clear communications demands of UK laws and regulations, such as the Consumer Rights Act and Treating Customers Fairly.
The risks of silos between Legal and Compliance, and Marketing
Traditionally, Legal and Compliance departments within financial services companies have sole responsibility for drafting legal documents such as contracts. Their approach is often to select paragraphs from precedents which usually have been around for years, rather than to focus on producing documents that are suitable for the context and that can be easily read and understood by the target audience.
The legal documents are sometimes supplemented by more user-friendly content put together by Marketing to explain product information and legal conditions in a way that customers can understand. But this means the customer is left to make sense of two sets of information: one that is easier to read and understand, yet which can be superseded at any time by another that is impenetrable but legally binding.
The obvious answer to this problem is to create a single piece of content that is both ‘legal’ and readable.
Collaboration is key
Communicators need to learn how to pay attention to legal precision and legal departments need to learn how to write in plain language.
To read more about the legal and regulatory requirements for clear communication, download our white paper, Are you ready to be held to your brand promise in a new era of consumer rights?