Mind the gap: Why clear financial communications matter more than ever

Our new report ‘Mind the gap: Rethinking financial services language’, developed in partnership with YouGov, reveals that for many UK consumers, the answer is: not well enough.

In today’s fast-moving and highly regulated market, clear communication isn’t just a “nice to have”—it’s a regulatory and commercial necessity. With the introduction of the FCA’s Consumer Duty in 2023, businesses are under more pressure than ever to ensure customers genuinely understand what they’re signing up for.

We surveyed 2,500 UK adults responsible for household financial decisions. Each participant was shown only one of three versions of a payment plan communication, with each version featuring a different level of simplification.. We then asked them about their understanding, attitudes, and likely actions.

What we found

• simplicity wins: customers responded best to the most simplified communications. However, even the clearest version left 45% of readers unclear about the main message
• apathy and confusion: many consumers feel indifferent or confused by financial services communications. Only 50% could correctly identify the total cost of a payment plan
• perceived bias: four times as many people believe financial communications are designed to protect companies, not customers
• skim reading is the norm: while 91% engage with financial communications, most only skim them, missing key details

Regulators are raising the bar. It’s no longer enough to simply meet disclosure requirements—firms must show that customers truly understand the products, risks, and costs involved. The recent Motor Finance Commission has only increased the focus on this issue.

We’ve already helped clients, including major banks, simplify their communications and adapt to new regulatory expectations. Our team has deep experience advising on Consumer Duty and can support you in making your communications clearer, more effective, and fully compliant.

Download the full report below to discover more about the findings.

For more information about the report or to find out how we can help you please get in touch with the key contacts featured on this page.