Where this happens, consumers may suffer harm.
Some of the examples that may cause harm include:
- finding it harder to make an informed or timely decision due to lack of clear, consistent information and information presented in a way that exploits consumers’ behavioural biases, or unreasonable exit fees or contract terms that discourage consumers from leaving products or services that are not right for them and accessing better deals
- receiving unsatisfactory support from their provider – data from our Financial Lives survey shows the most common problems raised by consumers across all retail sectors are poor customer service, delays, IT system failures or service disruptions
- buying products and services that are inappropriate for their needs, of inadequate quality, are too risky or otherwise harmful
In order to mitigate this inconsistent approach to customer servicing and to mitigate the risk of such consumer harm eroding trust, the FCA is seeking further feedback from the industry on further proposed changes.
Consultation period closes February 15, 2022.
