Discontinuing the Approach
 

My employer has decided that if we have to go around at 1000ft aal or higher we now have a procedure called "Discontinuing Approach".This basically involves climbing away in Vertical speed mode in the autopliot/flight director at about 1000ft/min rather than a full power go-around which could produce some climb rates of almost 3000ft/min plus depending on aircraft type.
The reasoning for this is that it is a much more benign procedure and will lead to less overspeeds and level busts.I was just wondering how this company procedure melds with what an atco would expect from the aircraft and what phraseology should be used in the UK.Perhaps a "discontinuing approach" call rather than ABC 1234 Going Around" could be made if this procedure becomes formalised.
I would be also interested to know if the UK atc readers of this forum knew that this procedure existed within certain UK airlines.

At what point would this manoevure be executed? Has the consideration of climb gradient and terrain clearance been made?

'Going around' is sufficient. We don't need more phraseology clogging up the radio. The important thing for us is what we need to do (e.g. if another aircraft particularly a slower one has just departed or a light aircraft is crossing through the overhead/climbout) to maintain safety.
The reason for the go around can be determined once it is safe to do so.