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Duty calls - but is industry picking up?

Author

Listed:
  • Taylor, Jessica

    (Capco)

  • Vlaev, Ivo

    (Warwick Business School)

  • Elliott, Antony

    (The Fairbanking Foundation)

Abstract

The FCA’s Consumer Duty regulation aims to transform financial services for customers by requiring firms to consider the needs, characteristics, and objectives of all their customers, and how they behave, at every stage of the customer journey. Its success, however, is dependent on compliance from firms and with new regulations, there often exists a policy-implementation gap whereby policies do not lead to changes in behavior. This study provides a novel approach by applying “behavioral science frameworks” to compliance with financial regulation, improving outcomes for customers under the FCA’s Consumer Duty and future financial regulatory change.

Suggested Citation

  • Taylor, Jessica & Vlaev, Ivo & Elliott, Antony, 2023. "Duty calls - but is industry picking up?," Journal of Financial Transformation, Capco Institute, vol. 58, pages 126-137.
    • Handle: RePEc:ris:jofitr:2346
    as

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    More about this item

    Keywords

    Consumer Duty; Compliance; Behavioral Science;
    All these keywords.

    JEL classification:

    • G02 - Financial Economics - - General - - - Behavioral Finance: Underlying Principles
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • G40 - Financial Economics - - Behavioral Finance - - - General
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets

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