The Financial Conduct Authority (FCA) is simplifying financial product comparisons to make it easier for consumers to find and compare products, aiming to reduce burdens on businesses and improve outcomes.
The Financial Conduct Authority (FCA) is exploring ways to simplify communications about savings accounts and review parts of its credit advertising rules, aiming to make it easier for consumers to find and compare products. This move is part of the regulator’s broader efforts to streamline its rules, reduce burdens on businesses, and improve outcomes for consumers.
The Financial Conduct Authority (FCA) is a UK-based financial regulatory body responsible for ensuring the stability and integrity of the country's financial system.
Established in 2013, the FCA regulates firms providing financial services, including banks, insurance companies, and investment firms.
Its primary goal is to protect consumers by enforcing strict rules and guidelines, promoting transparency, and monitoring market conduct.
The FCA will also examine its expectations for mortgage lending as part of a range of proposals. The regulator aims to encourage retail investors to take more risks with savings by providing clearer information about products. This is in line with the Consumer Duty, which requires financial firms to prioritize customers at the heart of their operations.
The FCA plans to review current disclosure rules to give firms more flexibility to tailor their communications to customers’ needs and preferences, such as online and digital transactions. The regulator will also ‘retire’ some guidance that has become outdated. This approach is designed to balance the need for regulation with the desire to simplify communications and reduce burdens on businesses.
The FCA‘s five-year strategy focuses on four key areas: helping consumers, fighting crime, supporting growth, and being a ‘smarter regulator’. The regulator aims to achieve these goals while maintaining its commitment to protecting consumers and promoting financial stability.
