Consumers and market counterparties want to know both what they can expect from the firms selling products and services to them and what they can expect from us.
What firms can expect
What our clients can expect
Ensuring our messages are consistent
We produce a significant volume of information, from Consultation and Discussion Papers to Guidance and speeches. We know that different emphases placed in our material can make our audience feel uncertain. We seek to ensure the information we give is entirely consistent. We also listen to consumers and firms and value the feedback they give us, which helps us understand and make better decisions about the sectors we regulate. In addition, when we publish information about an intervention we will ensure that we also publish the reasons for the intervention, including the harm we are addressing and how we expect our intervention to tackle it. We will also be clear about how we will monitor the effectiveness of our intervention. This will help ensure all our communications about our intended outcomes will be consistent, transparent, and predictable.
Giving firms the confidence to be proactive
Firms need to recognise that they are being supervised so that they proactively comply with our rules and fully realise the public value of regulation. We aim to deliver this assurance in the most cost-effective way possible. By providing clear and consistent information to firms, we will give them greater certainty about our expectations and supervision. This should reduce the overall costs of compliance for both parties. Because we make it easier for them to comply, firms will make fewer avoidable errors and will cause less harm to consumers. In addition, from co-ordinating or supporting industry groups to improving the consistency of our supervision, we will add further public value by making it clear to firms that they can and should be proactive in finding ways to ensure they treat their customers fairly.
FIRMS EXPECTATIONS
The counterparties of consumers and markets want to know what they can expect from other firms and from our company with regards to our products selling and services.
Consistent Messages
We produce a big volume of knowledge, from Consultation and Discussion Papers to Guidance and speeches. We all know that different emphases across our material can create uncertainty for our audiences. We seek to make sure we are consistent with the messages we give across all the data we produce. We also hear consumers and firms and value the feedback they provide us, which helps us understand the sectors we regulate and make better decisions. Additionally, after we publish information about an intervention we’ll make sure that we also publish the explanations for the intervention, including the harm we are addressing and the way we expect our intervention to tackle it. We’ll even be clear about how we are going to monitor the effectiveness of our intervention. This may help ensure all our communications about our intended outcomes are consistent, transparent and predictable.
Contribute Firms’ Confidence on being Proactive
Firms have to recognize that they’re being supervised in order that they proactively go with our rules and fully realize the general public value of regulation. We aim to deliver this assurance within the most cost-effective way possible by providing better clarity and consistency within the information we give to firms. However, they are available in contact with us. They’ll have greater certainty about our expectations and supervision. This could reduce the general costs of compliance for both them and for us, by making it easier for firms to comply they’ll make fewer avoidable errors and reduce harm to consumers. Additionally, from coordinating or supporting industry groups to boost the consistency of our supervision, we are going to add further public value by making it clear to firms that they will and will be proactively finding ways to confirm they treat their customers fairly.
