Bridging the Savings and Investing Gap: A New Approach to Terms for Retail Investment Services

Abstract

In this article we discuss how our work putting a better understanding of consumers at the heart of everything we do and our work readying Barclays for Open Finance, incentivised us to develop a new approach to retail investment services terms. The success of our new approach to retail investment services terms is evidenced in these terms being given a Crystal Mark by the Plain English Campaign. We start by explaining what the Savings and Investing Gap is and how retail investment services terms may perpetuate this Gap. We then describe the creative approach we undertook to incorporate into these terms content that consumers want and need to know to make informed investment decisions and to deliver this fully compliant content in a lean, easy to understand and “in good time” way. We also discuss delivering terms to consumers within the functional tech design of the digital investments platform. We finish with some thoughts on how it is possible for in-house lawyers to improve their efficiency through enhancing the ability of the business to interpret its own customer terms on a ‘business as usual’ basis and by developing a building-block, modular approach to delivery of bespoke retail terms for future investment services propositions.