On 26 July 2023, the FCA published its latest Financial Lives survey, which highlights the importance of the Consumer Duty.
The FCA’s Financial Lives survey provides nationally representative data about consumers’ attitudes towards managing their money, the financial products they have and their experiences of engaging with financial services firms. The survey helps the FCA identify harm and respond to it.
The results from the survey have revealed the following:
- 7.4 million people unsuccessfully attempted to contact one or more of their financial services providers in the 12 months before May 2022, with the most vulnerable in society most likely to struggle with this.
- Less than half of UK adults had confidence in the UK financial services industry and just 36% agreed that most financial firms are honest and transparent in the way they treat them.
- 4.9 million people who used firm communications to help them make a decision in the 12 months before May 2022 found it did not help at all.
- An increasing number of people are choosing to use digital banking, payments and other online services, with almost nine in ten adults banking online or using a mobile app in 2022, up from 77% in 2017.
The FCA highlights how the results from the survey illustrate the importance of the FCA’s Consumer Duty, coming into force on 31 July . The Duty will require firms to act to deliver good outcomes for consumers and, in turn, is intended to help to improve trust and confidence in the financial services sector.
