The financial services industry needs to tackle its "complexity problem" to make it easier for consumers to understand product choice and protect the most vulnerable, the regulator has said.
Financial Conduct Authority (FCA) director of policy, risk and research Christopher Woolard said at the TISA annual conference that financial services products that are deliberately designed to cover firms' back in the event of consumer gripes were unacceptable. Products and services need to become more transparent and their clauses, terms, conditions and suitability for clients easier to identify, he said. Woolard said: "Confidence of all consumers in financial services products that they buy is vital to a proper functioning market. We'd like to see that firms' products, particularly...
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