Back in June, the Financial Conduct Authority (FCA) published a discussion paper on Smarter Consumer Communications. The FCA has called on firms to think about how they can improve their communications to help consumers make more effective decisions about their finances.
Christopher Woolard, director of strategy and competition at the FCA, has said: “We would like to see firms changing the way they interact with their customers…reflects our commitment to sustainable regulation…giving firms the freedom to communicate with their customers in a more flexible and open way”
The FCA is proposing to amend the following rules and guidance:
- The Consumer-Friendly Principles and Practices of Financial Management
- Short report
- The Initial Disclosure Document/Combined Initial Disclosure Document
- Services and Costs Disclosure Documen.
The consultation will close on 18 December 2015, and the FCA is now reviewing the feedback received on the discussion paper. They will also consider whether additional changes can be made to improve consumer outcomes.
Read the FCA press release here
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