How can firms prepare for new 'digital disclosure' environment?

Industry needs to adapt to new standards

The Financial Conduct Authority's (FCA) announcement that financial services firms will be issued with new guidelines on "digital disclosures" in 2017 demonstrates to the financial services industry the need to adapt to the changing channels and technologies through which consumers engage with information.

In the UK alone, £2.9bn a week is transferred using banking apps and 10.5 million banking apps are logged into each day, according to a study by the BBA and EY. This highlights that technology is rapidly driving the transformation of the financial services sector and consumers are moving away from traditional methods of engagement, such as paper-based communication, and service providers are now opting for alternative methods of communication. The FCA plans to produce and consult on effective disclosure and digital disclosure in 2017. This technological transformation presents exci...