Access to Financial Services in the UK

Lowe, Jonquil; Collard, Sharon; Martin, Coppack and Simon, Sarkar (2016). Access to Financial Services in the UK. Occasional Papers 17; Financial Conduct Authority, London, UK.

URL: https://www.fca.org.uk/publication/occasional-pape...

Abstract

In a market-based system, consumers do not have an automatic right to
receive products and services, nor firms an obligation to provide them unless specific universal obligations are legislated for (for example in telecoms). This means it is often not obvious who should take responsibility for access issues. One of this paper’s key purposes is to explore which stakeholders may be able to drive improvements and, in particular, how much access issues may come within the scope of the financial regulator. It aims to open up discussion about the nature, scale and impact of access issues, and how to resolve them, using four key areas as examples: digital innovation, compliance and crime prevention, automated processes and segmented markets. The paper develops a new taxonomy of access issues, tracing each type through to appropriate solutions.

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