In his speech at the First Joint European Competition and Consumer Day he identified the three main behavioural issues and how seeking to solve them will be an important step towards creating an efficient market and provide an opportunity for the FSA to reduce its regulatory activities.
Three main behavioural issue:
- Equipping consumers to enable them to become better informed and confident enough to make their own financial decisions, i.e. through the Financial Capability Strategy.
- Preventing data overload by providing key relevant information for consumers that is easily accessible and clearly understood without excessive use of money or time.
- Providers of financial goods and services meeting standards of responsible behaviour.
I addition, in November 2003, the FSA launched the National Strategy for Financial Capability, managed by a steering group, to develop and implement a strategy to improve consumers' ability to make financial decisions with confidence. The seven project areas identified by the strategy's steering group are Schools, Families, Workplace, Retirement, Borrowing and Generic Advice.
To view the full speech, visit the FSA's website.
