Royal London: On A Mission To Crack The “Finglish” Code
6 October 2014
Royal London - the UK’s largest mutual life and pensions company – is on a mission to help consumers decipher financial jargon. The mutual has coined the term “Finglish” to describe mystifying financial services language, and is calling on consumers to help start the search for financial words and acronyms which need translation.
To help people get to grips with Finglish, the mutual has launched a glossary on its website: www.royallondon.com/financialguidance/ which will be expanded over time as it gathers more submissions.
Royal London has invited its members to help it remove jargon from its own literature; and is encouraging its 3,000 staff to join its mission, and avoid financial jargon wherever possible. This includes plain speaking with customers. Its newly launched consumer division is spearheading the mission – with a simplified online application process which makes buying life insurance much less complicated.
It’s also taking to Twitter (#Finglish and @Royallondon) to spread word of the Finglish mission, and gather gobbledygook which needs to be translated.
Clare Salmon, Group Brand Director at Royal London, explains more:
“The financial services industry shrouds itself in a dense fog of jargon - we call it 'Finglish'. At Royal London we’re on a mission to demystify unnecessarily complex financial words, and we’re seeking to enlist consumers’ help. We believe helping people understand financial language is key to helping them make the right financial decisions.”
“Our 'Finglish' Glossary is designed to help people make sense of financial English. The financial services industry isn’t necessarily the first place you’d expect to find plain English – there is lots of complicated jargon and mystifying terminology. So we decided to try to make sense of some our industry’s strangest or most confusing words.”
Meanwhile, as it continues to bring all its businesses under a single Royal London ‘master brand’, the mutual hopes, over time, to review its customer-facing documents to remove unnecessary jargon.
Note to editors:
- Royal London estimates that around 4m of its 5.3m customers engage with the financial services industry on their own - without the support of a professional adviser to help translate the lingo.
- Finglish is a trade mark of The Royal London Mutual Insurance Society Limited.
- Finglish submissions can be emailed to firstname.lastname@example.org
- The simplified online application process referred to above, begins at: www.royallondon.com/products/
- According to the Money Advice Service, consumers’ misunderstanding financial T&Cs cost UK adults £21bn last year: www.moneyadviceservice.org.uk/en/static/media-centre
For further information please contact:
- Nancy Baynes, Consumer PR Manager: 020 7 506 6585/07919 170524 or email@example.com
- Mona Patel, Head of Corporate PR: 020 7015 2525 /07919 171964 firstname.lastname@example.org
About Royal London:
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £77bn. Group businesses serve around 5.3m customers and employ over 2,900 people. (Figures quoted are as at 30 June 2014). Over the next two years the Group is moving to operate all of its UK life, pension and investment business under a new version of the Royal London brand. Royal London Asset Management is now under the new master-brand. The Scottish Life, Scottish Provident and Bright Grey brands will migrate over the next 18 months. Ascentric will remain branded Ascentric. More information at www.royallondon.com.