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Doug Taylor Financial Services Chief Advocate

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Doug Taylor

Financial Services

Chief Advocate

Consumer Principles

Access

Value for Money

Consumer Influence and

RepresentationChoice

Information and

Education

Redress Safety

Quality

Page 4: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

The one improvement consumers want…

1. Rewarding loyalty, rather than new customers 41%

2. Scrapping overdraft charges 18%

3. A person answering the phone, not a machine 13%

4. Not selling me additional products when I visit or call 9%

5. A portable account number 5%

Taken from internal research

Page 5: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

54% of people were offered an additional product or service the

last time they contacted their bank

Page 6: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

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

Page 7: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

What gets offered?

Upgraded current account

Insurance

Page 8: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Consumer Concerns

Commission driven sales

Bonuses for mis-selling

Personalised appropriate sales

Senior executive rewards

Product based incentives

Transparency

Page 9: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Incentivisation

Sales

Complaints

Customer Service

Page 10: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Regulatory Oversight

FSA Retail Conduct Risk

Outlook

FSA Thematic Work

Page 11: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

The three Primary interest groups

Customers

Shareholders

Staff and Management

Page 12: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Regulatory Reform

Page 13: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Future of Banking Commission

ResolutionDepositor Protection

Separation

Consumer ProtectionPrudential

BoardsRemunerationGovernance

- Structural

Regulation -

- Culture

Page 14: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

Consumer IssuesSales incentives

Charges

Switching

Loyalty

Compensation schemes

Complaints

Management incentives

Page 15: Doug Taylor Financial Services Chief Advocate. Consumer Principles Access Value for Money Consumer Influence and Representation Choice Information and

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