David Miller, FS Partner at KPMG comments on the FCA's interim report on fair pricing in financial services
David Miller, FS Partner, KPMG said:
“The FCA’s potential remedies are hard hitting but their approach remains cautious, reflecting the need for further consultation. Significant consumer harm has been identified and with 6 million customers estimated to have paid high prices in 2018, the FCA is considering every remedy at its disposal. These include restricting pricing practices that allow firms to charge loyal customers more, requiring firms to give customers information on alternative deals and potentially naming and shaming the worst offenders in the sector. Many of these issues have been recognised by the industry for years, but with limited sector wide action taken to-date, the FCA’s proposals won’t be a surprise to anyone. While today’s announcement gives us no concrete answers, the significance of these proposals means it’s essential that the industry has time to consider any unintended consequences and the interplay between these different remedies.”
For more information contact:
Olivia Shalofsky, KPMG Corporate Communications
M: Tel: +44 (0)7469441308
Christina Bridge, KPMG Corporate Communications
M: Tel: +44 (0)7789 504905
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