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 Conduct 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
To read more about clear communication in the context of Treating Customers Fairly and the Consumer Rights Act, download our white paper, Are you ready to be held to your brand promise in a new era of consumer rights?