I note there is a
movement afoot to revert to plain language and traditional type mortgages in these changes we see sweeping the financial industry.
I'm all for plain language. Keep it simple. Anything else is probably hiding a trap for the unwary, or providing the opportunity for a 'consultant' to gloss over those little important tricky bits.
52 banks down in the US so far this year and at least a dozen more to follow.
I'll watch with interest to see if the survivors embrace a more transparent, simpler to understand range of financial instruments, both wholesale and retail.
The Finextra team could certainly help. If you haven't had a look at the
Community rules, do so. They are the epitome of plain language. It has been suggested that I pull no punches. These are lovely.
© Finextra Research 2014