The Financial Conduct Authority (FCA) has said it is ready to intervene on the use of language confusing to consumers, if the industry does not develop a credible solution.
The regulator made the comments in its response to a report from the work and pensions committee which investigated the liberalisation of the pension market in April 2015. It said the use of jargon and technical terms in communications to consumers made it difficult for them to understand the information and needed to be changed. The FCA also criticised the emergence of new terms such as UFPLS in the wake of the government pension reforms, which further contributed to the problem. It said it was committed to an industry-led solution to the problem, but stood "ready to act" along wi...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
