The Financial Conduct Authority (FCA) has asked financial services firms to write for the consumer first rather than adopt a tick-box approach.

In a recent FCA Discussion Paper, the Financial Conduct Authority reiterates its expectation that firms:

• understand and recognise the importance of communicating effectively with consumers
• create product and service information for consumers with at least as much behaviourally informed creativity as is applied to business development, marketing and financial promotions
• create communications as an integral part of the product or service design process’

We support this move from a compliance to a customer focus, and also recognise just how difficult this process can be − both for start-ups and traditional financial services firms. We help our clients adopt long-term improvements as well as quick-wins to each of the focus areas highlighted by the Financial Services Authority:

• presentation of terms and conditions
• disclosure of fees and charges
• helping consumers direct queries to the relevant part of a firm quickly and easily
• raising consumer awareness of the Financial Ombudsman Service and the cover offered by the Financial Services Compensation Scheme for specific products or services
• common terminology in the general insurance sector
• complexity of information provided to consumers at retirement
• transparency around the scope and cost of an investment advice service