The UK financial services sector is facing a sharp regulatory challenge as new research reveals that, despite the introduction of the FCA’s Consumer Duty, firms are consistently failing to achieve genuine customer understanding. A report from law firm Shoosmiths, titled Mind the Gap: Rethinking financial services language, exposes a deep
Financial services failing Consumer Duty as 45% remain confused by ‘simplified’ language
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Regulators are raising the bar, firms must show that customers truly understand the products, risks, and costs involved, say Shoosmiths.