Join our new Retail Financial Services Forum
In a departure from our standard format for this event, the hour will be given to this single topic covering what a new informational regime might look like under FCA rules, with those attending having the opportunity to share thoughts and views on:
- What should be the purpose of pre-contractual information/explanations?
- Views on the merits of information rules being presented as high level outcomes (to reflect the consumer duty) versus prescriptive requirements (for both pre and post contractual communications).
- If prescription is favoured in some areas, then which ones are these?
- How best to get consumers to engage on online/digital transactions to ensure they make informed decisions about the credit and understand the risks.
- The use of smartphones to get credit – best practice in the design of the customer journey to encourage customer engagement and how to avoid customer inertia about such matters in the design of the customer journey.
- The balance between speed of access and mitigating the risk of impulse use of credit for buying, particularly for those with characteristics of vulnerability.
- Do you have suggestions on effective ways to give prominence to particular information, both in digital and paper formats, written or otherwise?
- What is good practice for firms to demonstrate that their consumers are understanding the products they enter into, including the key features and risks? How can firms best test the level of customer engagement with statements and other communications?
- On default notices, the legislation requires these to be sent in paper form to ensure consumers are aware of the severity of the consequences at that point. Firms have argued that these should be allowed to be sent electronically. How can significant communications be best designed to stand out from other ‘routine’ debt reminders?
There will be no formal presentation from the FCA as they will be here to listen to you. This will be a chance for you to share your thoughts on the above topics with the FCA and for us to debate the associated issues. With this in mind, please come ready to discuss and share your thoughts during what promises to be an interesting and lively hour.
We look forward to seeing you there.
If you have any queries about the event, please contact our Events team.