11 posts categorised "Consumer issues"
30 June 2021 What’s in a definition? How different options for the FCA’s consumer principle would impact firms The FCA’s proposed consumer duty contains two options for a new consumer principle, both of which may require some further thought.
28 June 2021 Can you answer three key questions about vulnerable customers? We explore why gaining a true understanding of customers’ vulnerabilities and needs is the first step on the road to meeting the FCA’s expectations on the fair treatment of vulnerable customers.
26 September 2019 Are alternatives to high-cost credit feasible? The high-cost credit market has had its fair share of change since the FCA took over regulation of the sector in 2014. As an ever present priority for the FCA, improvements to consumer outcomes in this market have been made through product interventions and by requiring better transparency, fairer collection practices and responsible lending. In tandem with these more immediate changes, the FCA has also been reflecting on longer-term solutions - alternatives to high-cost credit - to more sustainably protect the three million UK consumers using high-cost credit products. A shift towards cheaper, more sustainable alternatives could reduce instances of consumer harm and financial vulnerability, but a number of business model, legislative and consumer barriers currently stand in the way. What are these, and how can they be solved to improve the feasibility of alternatives to high-cost credit?
03 September 2019 Tackling vulnerability and financial exclusion: When talk can be highly valuable Financial vulnerability and exclusion are widespread but often hidden problems. That’s why it’s so important that we get them out in the open and have a real conversation about the risks and how to tackle them.
21 August 2019 Tomorrow, today: Modernising financial services to serve future generations By Jane Portas, Partner, PwC Far from being just a compliance exercise, the Financial Conduct Authority’s proposed guidance on the treatment of vulnerable customers can...
20 February 2019 Test of relevance: Succeeding with consumers and society’s financial needs As society, the economy and welfare change, so do people’s’ financial lives and responsibilities. As a result, expectations of the financial services sector are changing. The sector has a vital role in financial inclusion, ensuring access to financial solutions and in meeting evolving customer needs and expectations. In UK Life & Pensions: A roadmap to succeed in a fast-changing sector, PwC looks at why creating solutions capable of meeting these shifting demands is much more than a commercial imperative, rather it is a matter of relevance and trust, both critical in sustaining the industry’s licence to operate.
23 January 2019 Bridging the care funding gap: Where purpose, opportunity and licence to operate align As people live longer and pressure on welfare spending increases, the challenge of how to fund long-term care is one of the most critical issues facing our country.
24 July 2018 Vulnerable customers: why resilience still matters Back in November last year, the FCA proposed a new approach to vulnerable customers. In its Approach to Consumers consultation document, it introduced the concept of ‘low resilience’ (low capacity to absorb financial shocks) and consulted on a new definition of vulnerable customers based on the concepts of resilience and capability rather than specifically customer circumstances.
14 June 2018 FCA focus on vulnerable customers hits high-cost credit By John Coley and Tessa Norman As part of its proposed new approach to consumers, the Financial Conduct Authority (FCA) wants to prioritise those who...
07 December 2015 With the increasing importance of financial education in society, is it time to call for action? With the increasing importance of financial education in society, is it time to call for action? By Simon Hunt It’s hard not to be cynical...