A spokeswoman for the Association of British Insurers added that the industry is actively engaging in the consultation process and keen to see feedback from the consumer testing for key information documents, to ensure consistency and simplicity for customers when comparing products.
“The ABI has also started work with a Pensions Language Steering Group, to encourage simple and consistent terms across the sector.”
The Investment Association’s head of training and education Victoria Nye told FTAdviser that she is currently working on a new project aimed at helping improve the accessibility of a clear glossary of industry terminology for investors.
“We’ve already got a glossary on our website, but we want to make it more of a living list, something that advisers can stick on their websites for clients to use.”
She explained that it wants to help clarify specific terms at various levels of detail and is actually in the process of enlisting advisers to help with the task. The Wealth Management Association confirmed it was also adding to existing guidance on its website, along with the new glossary.
For its part, earlier this summer the Financial Conduct Authority launched a communications discussion paper, aimed at encouraging firms and consumer groups to deliver information to consumers in more effective ways.
It suggested more innovative ways of engaging products and services, for example by using videos or infographics, to present information in a way that is easy to understand.