FCA aims to improve services for consumers
The rising number of financial scams and increased financial distress has prompted the Financial Conduct Authority (FCA) to revamp its website so consumers can quickly access the information they need.
The regulator has redesigned the consumer section of its website, making it clearer, easier to navigate and more user friendly, it said.
“When consumers come to our website, it’s often when something has gone wrong,” said Emma Stranack, head of consumer engagement, content and channels at the FCA. “So it’s important we give them the information they need to help them resolve their issue. And it’s vital that we do so in a clear, accessible, and sensitive way.”
She said FCA research had found that consumers were often overwhelmed by the FCA’s website, and unclear about where to start to find the information they needed.
“We took a forensic look at what we communicate to consumers,” said Stranack. “We looked at the subjects we should be covering, and the subjects that were better covered by members of the regulatory family.”
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She said as a result of this review the new section of the watchdog’s website now focuses on the ‘5 Rs’ – risks; rights; remedies; rule changes; and reporting.
“We want to help consumers identify and avoid unwanted risks, and understand what those risks mean for them,” said Stranack. “And if something does go wrong, we want to make sure consumers know how to complain and claim compensation if their provider goes out of business.”
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She encouraged consumers to report scams or poor conduct to the FCA.
The City watchdog is also pledging to simplify the language it uses and cut out jargon when it is communicating with consumers.
This means writing clearly and accessibly about technical subjects and not overwhelming readers with details they do not need, as well as being approachable and acknowledging when consumers might be feeling under pressure or concerned.
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