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KPMG reacts to FCA Fair Pricing paper

KPMG reacts to FCA Fair Pricing paper

David Miller, FS Partner at KPMG comments on the FCA's interim report on fair pricing in financial services

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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

E: Olivia.shalofsky@kpmg.co.uk

Christina Bridge, KPMG Corporate Communications

M:  Tel: +44 (0)7789 504905

E: Christina.bridge@kpmg.co.uk

 

About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 16,300 partners and staff.  The UK firm recorded a revenue of £2.338 billion in the year ended 30 September 2018. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 154 countries and has 200,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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