Member

Nothing that we are doing here seeks to lessen consumer protections—a concern of the right reverend Prelate the Bishop of Manchester and the noble Baroness, Lady Altmann. However, the Consumer Credit Act is highly prescriptive in the information requirements, which can produce poor outcomes for consumers. The current regime can be difficult for those with lower literacy and financial capability. Some documents require a reading ability at an undergraduate level. These reforms will make it possible for the FCA to enable firms to tailor communications to consumer needs, which will improve accessibility and support better outcomes for vulnerable customers.