Doug Taylor

Financial Services

Chief Advocate

Consumer Principles

Access

Value for Money

Consumer Influence and

RepresentationChoice

Information and

Education

Redress Safety

Quality

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

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

last time they contacted their bank

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

What gets offered?

Upgraded current account

Insurance

Consumer ConcernsCommission driven salesBonuses for mis-sellingPersonalised appropriate salesSenior executive rewardsProduct based incentivesTransparency

Incentivisation

SalesComplaint

s

Customer Service

Regulatory Oversight

FSA Retail Conduct Risk

OutlookFSA Thematic

Work

The three Primary interest groupsCustomers

Shareholders

Staff and Management

Regulatory Reform

Future of Banking Commission

ResolutionDepositor Protection

Separation

Consumer ProtectionPrudential

BoardsRemunerationGovernance

- Structural

Regulation - - Culture

Consumer IssuesSales incentivesChargesSwitchingLoyaltyCompensation schemesComplaintsManagement incentives

Any Questions?