Duty calls - but is industry picking up?

Jessica Taylor (), Ivo Vlaev () and Antony Elliott ()
Additional contact information
Jessica Taylor: Capco
Ivo Vlaev: Warwick Business School
Antony Elliott: The Fairbanking Foundation

Journal of Financial Transformation, 2023, vol. 58, 126-137

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.

Keywords: Consumer Duty; Compliance; Behavioral Science (search for similar items in EconPapers)
JEL-codes: G02 G21 G38 G40 G41 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ris:jofitr:2346

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