As part of its review of consumer obligations, the Financial Conduct Authority plans to ease areas of “duplicity, confusion or over-prescription that result in unnecessary costs for businesses”.
The city watchdog is currently reviewing 172 responses to a request for comment on the mandate issued in July, Chief Operating Officer Emily Shepherd said. 
Mr Shepard said: “As we provide feedback next year, our aim is to demonstrate that we can address areas of duplication, confusion and over-prescription that create unnecessary costs for businesses, while at the same time pursuing market growth through sustainable consumer benefits. ” he said.
She was speaking at the UK Sustainable Investment Finance Association Leadership Summit in London today.
Last July, the regulator introduced wide-ranging guidance requiring companies to provide documentation showing they treat customers fairly.
It covers the entire 60,000 UK regulated financial companies, including around 100 lenders and 18,000 intermediaries and brokerage firms in the mortgage industry.
Mr Shepherd said the measures were part of plans to support a new secondary objective introduced last year to support the global competitiveness and growth of the UK economy.
He said: “This mission, alongside our work on sustainability policy and market reform, is an example of how we are advancing our core objectives.
“These are all timely and salient examples of how we want to lay track and build infrastructure in a way that advances our secondary objectives.”
When the measure was introduced last summer, the watchdog said the guidance would “fundamentally shape the way companies serve consumers” by setting “higher and clearer standards of consumer protection across financial services.” “This will improve,” he said.
The measure also aims to eliminate “rip-off charges” and make it easier for customers to switch products.
The regulator wants companies to explain their products more clearly “rather than burying important information in lengthy contract terms and conditions”, and to encourage companies such as pensioners and customers under financial stress to explain their products more clearly “rather than burying important information in lengthy contract terms and conditions” They called for more support to be provided to vulnerable customers.
