Let’s make
your documents
more intelligible simpler to understand.
Assess, simplify, and audit your regulated documents.
Regulatory requirement
Clarity for consumers is the way forward.
Recent and upcoming UK legislation and regulation changes emphasise the importance of ‘intelligible’ information for clients.
This requires businesses to review and amend their consumer communications to ensure that they meet higher standards of transparency and support.
Often - even in 2023 - this fails to be the case. Significant compliance risks and the potential for poor consumer outcomes remain, and this needs to be resolved quickly.
The challenge
What is ‘intelligibility’?
Reading, understanding, and evaluating complex documents is hard for many consumers.
Research by the Financial Conduct Authority suggests that, in the UK, one in seven adults have literacy skills at or below those expected of a 9- to 11-year-old. Over a third of adults have a poor understanding of financial concepts.
Yet we continue to expect them to understand difficult, legalistic communications and, until recently, it was allowed to be considered as fair. This threshold has now changed.
New regulatory requirement
The Consumer Duty is already in place.
The FCA is driving forward the intelligibility agenda in the financial services sector.
The new Consumer Duty explicitly requires that firms do more to improve consumer understanding. Customer communications must be tested and then tailored for the intended readers.
Other regulators are watching the impact of these developments carefully – this is a genuine cross-sector problem.
Intelligent audit trail for regulatory compliance
How Amplifi helps firms.
Amplifi uses AI-based technology to assess intelligibility, identify complex legal jargon and simplify legal and regulated communications.
Amplifi allows firms to mitigate their compliance risk, meet regulatory requirements and improve customer understanding.
News and updates
