Ewan Willars from Amplified Global highlights the Financial Conduct Authority’s (FCA) emphasis on simplifying products for consumers.
He stresses that if a product cannot be easily explained, it indicates a need for redesign. Despite this directive, there’s a tendency among firms to prioritize their own risk management over consumer clarity, often leading to complex, legalistic clauses in contracts.
These clauses, aimed at protecting the firm, typically do not resonate with or benefit the consumer, underscoring a disconnect between regulatory intentions and actual business practices.
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