UK FCA Consumer Duty (Principle 12 and PRIN 2A)
PRIN 2A.5: the consumer understanding outcome (communications) – UK FCA Consumer Duty (Principle 12 and PRIN 2A)

UK FCA Consumer Duty (Principle 12 and PRIN 2A) 2a5-communications-support-understanding: Support retail customer understanding: communications meet customers' information needs, are likely to be understood, are provided in good time and through suitable channels

What does 2a5-communications-support-understanding require?

All firms involved in producing, approving or distributing retail customer communications must support customer understanding so that communications meet the information needs of the intended retail customers, can be expected to be understood by them, and equip them to decide effectively, in good time and on a properly informed basis. For product communications the firm thinks about the target market; for other communications, about the retail customers likely to receive them. Timeliness means communicating early enough for the decision, at the journey's key moments and whenever the customer needs the information. The firm must satisfy itself that the channel chosen allows the relevant information to be communicated and understood and does not give some customers a worse outcome. The guidance expects information presented logically, with key information prominent, in plain language, with appropriate use of layout and design, and with relevant risks and costs given the same prominence as benefits.

Maintained by Gerard Blokdyk

Other controls in PRIN 2A.5: the consumer understanding outcome (communications) – UK FCA Consumer Duty (Principle 12 and PRIN 2A)

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