Banks blasted by watchdog

The FCA (Financial Conduct Authority) has gone after banks once again.

In yet another unsurprising blast, the FCA suggests that banks and other finance companies use too much unreadable jargon in their small print.

“All too often customer communications are so technical that even the most astute consumer would struggle to understand the information,” said Christopher Woolard, the FCA’s strategy and competition director.

“Communications play a fundamental role in helping consumers make decisions about the products and services they buy which is why it’s so important that we work with firms to get this right.”

The firms in question already know that their customers probably don’t understand the information. That’s certainly their hope, and why it’s tucked away in the small print.

The FCA recommends the use of videos and infographic aids to make things clearer in future. They also mention certain Australian firms using comic strips to explain financial information as part of an easy-to-follow story. How about this innovation: a clear, plain English explanation?

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