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Doug Taylor

Doug Taylor. Financial Services Chief Advocate. Consumer Influence and Representation. Value for Money. Access. Choice. Quality. Safety. Information and Education. Redress. Consumer Principles. The one improvement consumers want…. Taken from internal research.

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Doug Taylor

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  1. Doug Taylor Financial Services Chief Advocate

  2. Consumer Influence and Representation Value for Money Access Choice Quality Safety Information and Education Redress Consumer Principles

  3. The one improvement consumers want… Taken from internal research

  4. 54% of people were offered an additional product or service the last time they contacted their bank

  5. 4 in 10 felt that the product or service offered were not suitable for their needs

  6. What gets offered? • Upgraded current account • Insurance

  7. Consumer Concerns • Commission driven sales • Bonuses for mis-selling • Personalised appropriate sales • Senior executive rewards • Product based incentives • Transparency

  8. Complaints Customer Service Sales Incentivisation

  9. FSA Retail Conduct Risk Outlook FSA Thematic Work Regulatory Oversight

  10. The three Primary interest groups Customers Staff and Management Shareholders

  11. Regulatory Reform

  12. Boards Remuneration Governance Resolution Depositor Protection Separation Consumer Protection Prudential Future of Banking Commission - Structural Regulation - - Culture

  13. Consumer Issues • Sales incentives • Charges • Switching • Loyalty • Compensation schemes • Complaints • Management incentives

  14. Any Questions?

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