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Digital & dataJune 20 2023

UK Consumer Duty: banks’ secret data goldmine

Banks are sitting on a trove of unexploited data for predicting consumer behaviour to meet new consumer protection standards, write Naomi Muggleton, Neil Stewart and Nick Lee.
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UK Consumer Duty: banks’ secret data goldmine Image: Getty Images

At the end of July, new rules will come into force in the UK, setting out tougher consumer protection standards for more than 50,000 financial services firms. 

These rules, imposed by the UK’s Financial Conduct Authority (FCA) under its new Consumer Duty policy, establish an obligation on firms to deliver “good outcomes” for retail customers while taking into account the characteristics of those customers, including their “vulnerabilities”. 

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