CONTINUATION: Bamboozled by Financial Jargon ; BUSINESS & MONEY
to reflect this. Further steps need to be taken by the FSA and other organisations to reduce red tape around documents, much of which requires companies to add large amounts of unnecessary text to product literature."
But an FSA spokeswoman em-phasises: "There shouldn't be a mismatch between the target consumer and the language used."
Happily, some organisations are taking note. The charity Help the Aged's new financial product range, called intune (see pages 18- 19), uses straightforward explanations of often hideously complex areas such as equity release for homeowners.
But there is still much room for improvement. Paul Davis of the consumer body Which? says: "We'd like to see the [personal finance] industry writing in a more simple style: in the way you would explain something to your mum or a friend, and not someone with a good understanding of financial products."
Mr McPhail doesn't believe that pensions providers "deliberately put up these linguistic barriers. "But," he adds, "undoubtedly, I think we have been shockingly bad at selling the really simple and important messages to consumers. …