Government gets serious about consumer protection: Behavioural science and the finance sector

This article provides guidance for financial providers in meeting the UK Financial Conduct Authority’s new guidelines.

“Firms must understand and take account of behavioural biases and the impact characteristics of vulnerability can have on consumer needs and decisions.” – FCA

In July we saw the UK’s Financial Conduct Authority (FCA) upgrading its guidance to financial organisations, introducing the Consumer Duty which centres on ensuring firms deliver good outcomes for consumers, such as being easily able to switch between services, being able to understand and act on key information and ensure they have supportive and timely customer service. Firms will need to comply by the July 2023 deadline.

It comes at a time when...

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