Fairer Finance calls for simplified T&Cs

The readability around reading ages, the use of jargon and word length have "barely improved" across key financial products since the introduction of Consumer Duty last year, Fairer Finance said. For private medical insurance (PMI), the average reading grade of customers has gone from 12.9 to 12.5 between April 2023 and August 2024. Average jargon scores have remained steady for PMI, according to Fairer Finance's internal jargon checker scores. The most common words customers struggle with that are included in financial documents for PMI include: convalescence, congenital, conjunction...