Government gets serious about consumer protection

25 October 2022

The UK’s Financial Conduct Authority (FCA) has introduced the Consumer Duty, a new consumer protection guidance that firms will need to comply with by July 2023. It comes at a time when consumers’ finances are already under pressure, dealing with rising costs and depleting savings, leading to an even greater need to ensure consumers’ financial decisions and choices are optimal.

The Consumer Duty sets out that firms in the finance sector should be accountable and provide enough support to ‘enable customers to pursue their financial objectives’ - ultimately to ensure good consumer outcomes.

The guidance is grounded in Behavioural Science, acknowledging the cognitive biases and concepts that can influence consumers’ behaviour and lead to sub-optimal decisions and outcomes.

Our article, published by the Marketing Society and WARC, outlines how Behavioural Science is a key component of the new guidance and how it can be used to help firms - in any sector - ensure better outcomes for consumers through:

  • Behavioural Audits,

  • Friction and Experience Audits; and

  • Upskilling employees in Behavioural Science



Read the full article here.



If you want more information, please contact us.

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