(Reuters) – The UK’s Financial Conduct Authority (FCA) on Thursday proposed replacing its existing complex investor information system with a simpler one, aiming to boost investments in the country.
The governing Labour Party has been working to revamp regulations that affect Britain’s vital financial sector, often referred to as the “crown jewel” of the country’s economy.
The FCA said this new, more straightforward and flexible system, tailored specifically for the UK, would provide consumers with clearer product information, helping them better understand their investments.
“High quality product information will give consumers the confidence to invest; increased participation in this market will not only benefit consumers but will also provide capital to drive the economy and boost growth,” said Simon Walls, interim executive director of markets at the FCA.
The watchdog’s detailed requirements would also grant companies more freedom in how, what, and when they communicate with consumers.
(Reporting by Yamini Kalia in Bengaluru; Editing by Tasim Zahid)
