Government gets serious about consumer protection
25 October 2022
The UK’s Financial Conduct Authority (FCA) has introduced the Consumer Duty, a new consumer protection guidance that firms will need to comply with by July 2023. It comes at a time when consumers’ finances are already under pressure, dealing with rising costs and depleting savings, leading to an even greater need to ensure consumers’ financial decisions and choices are optimal.
The Consumer Duty sets out that firms in the finance sector should be accountable and provide enough support to ‘enable customers to pursue their financial objectives’ - ultimately to ensure good consumer outcomes.
The guidance is grounded in Behavioural Science, acknowledging the cognitive biases and concepts that can influence consumers’ behaviour and lead to sub-optimal decisions and outcomes.
Our article, published by the Marketing Society and WARC, outlines how Behavioural Science is a key component of the new guidance and how it can be used to help firms - in any sector - ensure better outcomes for consumers through:
Friction and Experience Audits; and
Upskilling employees in Behavioural Science
Read the full article here.
If you want more information, please contact us.
We are super proud to be a Finalist for the AQR Qualitative Excellence Award! https://t.co/SiZvTQpj5T1 month, 2 weeks ago
The Behavioural Architects' articles are always stimulating, entertaining and informative and make BE principles both engaging as well as usable for all our readersEditor Impact Magazine and Research-live.com
Our digital clubhouse which is designed to inspire, share best practice and delight would be very different without The Behavioural ArchitectsGemma Greaves Global Managing Director The Marketing society
Its client testimonials show it has made behavioural economics accessible and actionableMRS judges ‘best new agency’ award
TBA have brought behavioural science thinking to some of our challenges in a way that is accessible for colleagues from across the business and has created actionable outputsMartin Bryant, Senior Consumer Insights Manager, KFC UK and Ireland
The Behavioural Architects did a great job of understanding our needs in this multinational project. They used a behavioural-led methodology to deliver clear and actionable outputRuchika Khattar, Global Marketing Innovation Manager, PepsiCo
One of the best articulated deliveries of insight I have seen in 20 years in the research sector.Damian Stevenson, Head of Insight at the Amateur Swimming Association
The behaviour change research has been the lynchpin of our entire new strategy to get more people swimmingNick Caplin, Amateur Swimming Association, Director of Participation
I’ve worked with TBA on a number of studies... all of them have allowed us to get to a depth of insight into basic behaviour that has transcended borders.Catherine Moffatt, Vice President Global Shopper Planning & Customer Marketing, Diageo
The magic comes from how TBA works with us to get to simple, actionable ideas using the BE principles.Catherine Moffatt, Vice President Global Shopper Planning & Customer Marketing, Diageo
Every project has resulted in activities that have unlocked growth for Diageo but, importantly, they’re also pieces of work that we keep going back to and that continue to inform new activities long after the original studies were run.Catherine Moffatt, Vice President Global Shopper Planning & Customer Marketing, Diageo
We tasked TBA with a challenging brief on a national survey and they exceeded all our expectations throughout the processJennifer Bufton, Sport England
Their enthusiasm and relevant application of this theory alongside highly actionable and impactful insight delivery that really engages our stakeholders.Jacinda Norman, Category Insights Manager, Waitrose
The team at The Behavioural Architects Sydney have played an instrumental role in uncovering the key behavioural challenges for the Bundaberg Rum brand.Clara Lee, Senior Insights Manager, Diageo Australia
By using behavioural principles in analysing research, we’ve been able to go beyond the rational system 2 responses and tap into the deeper, subconscious system 1 responses that are often difficult to articulate.Clara Lee, Senior Insights Manager, Diageo Australia
For the first time in over a decade, we have clarity on the shift that we need to make to bring our brand back into growth.Clara Lee, Senior Insights Manager, Diageo Australia
The TBA team are a friendly, highly organised and intelligent bunch of people to work with. We consider them an extension of our internal Insights teamClara Lee, Senior Insights Manager, Diageo Australia
The behavioural science work conducted by The Behavioural Architects Sydney team has uncovered insights that we would never have uncovered by asking consumers questions directlyAlla Nock, Marketing Research, Analytics & Capability Manager, Kimberly-Clark Australia
Observing consumer behaviour through a Behavioural Science lens has uncovered key nuggets that we have now used to influence behaviour.Alla Nock, Marketing Research, Analytics & Capability Manager, Kimberly-Clark Australia
The Behavioural Architects Sydney are a valued business partner of the Water Corporation (Perth), who’s expertise and insights into behaviour change has been instrumental in helping to shape our communications strategy and to deliver an outcome that produces results.Paul Tuffin, Customer Insights Manager, Customer Strategy & Engagement Water Corporation (Perth, Australia)