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Jo Geraghty

Director

Tell me about the dangers

Date added: 06th Jul 2015
Category: Customer Experience

Organisations which care about their customers should take steps to move away from relying on small print jargon and instead create clear and fair terms and conditions which are fully explained.

Speaking at the FRC’s capital markets union and corporate governance conference, FCA Chief Executive Martin Wheatley highlighted the importance of products and services not only being designed for customers but properly explained to customers. Commenting that complex financial products are more prone to failure than aeronautical engineering, Mr Wheatley observed that when things go wrong, inevitably the first question is “why didn’t you tell me about the dangers here, or at least explain them to me better?”

Admitting that people very rarely read the terms and conditions, Mr Wheatley called for a triple approach in the design and delivery of financial services. This would provide consumers with:

  • products and services that are appropriate for their needs and risk appetite
  • trustworthy suppliers who deliver what they promise and with appropriate safeguards
  • enriched disclosure so that products and services are adequately explained to investors

Although Martin Wheatley’s comments were aimed at financial services organisations they could equally apply to most businesses. Whether it be packaged financial products or packaged frozen foods, a regular savings plan or a monthly mobile phone contract, organisations which care about their customers should take steps to move away from relying on small print jargon and instead create clear and fair terms and conditions which are fully explained.

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