The FCA has set out its next steps on Consumer Duty, publishing proposals that aim to simplify communications about savings accounts.

In an action plan released today the regulator said it will identify ways to simplify and streamline its rules and reduce burdens on businesses.

It said it will also review parts of its credit advertising rules, such as lengthy terms and conditions, and review expectations for mortgages and lending.

The proposed rule changes will allow people to receive clearer information from financial firms to make it easier for them to find and compare products.

The regulator said the work will help to build on the Consumer Duty.

Its plans include:

• Making it easier to navigate regulations for consumer finance, investment and mortgages firms by planning to retire more than 100 pages of outdated guidance.
• Withdrawing hundreds of supervisory publications.
• Reviewing current prescriptive disclosure rules to give firms more flexibility to tailor communications to customers' needs and preferences, like online and digital transactions.
• Revisiting rules for businesses with customers outside the UK, for example looking at whether insurance firms need to apply UK rules for their overseas customers.

Sarah Pritchard, executive director of supervision, policy, competition and international at the FCA said: “Now the Consumer Duty is in full force we’re making changes quickly where stakeholders want us to, to cut unnecessary costs, support growth, and ultimately help consumers get better outcomes.

“These proposals are part of our long-term efforts to future-proof our rules, reduce burdens for financial firms and will help the ambitious government targets to cut the cost of regulation.”

The regulator said it will publish a further statement to outline its full programme of work in September.