The Financial Conduct Authority (FCA) has said it is ready to interfere on the use of language confusing to consumers if the industry does not come up with 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 that took place in April 2015. The FCA 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. It 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 ...
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