The focus of this consumer report is UK consumer attitudes towards different aspects of the Consumer Duty. Featuring analysis of consumer behaviour and confidence, market dynamics, and innovation opportunities.
Key Issues Covered in this Report
- How much people trust or distrust providers of financial products to act in consumers’ best interests.
- Consumers’ perceptions of rip-off charges and fees.
- Consumers’ confidence in their understanding of certain financial terms and interest in methods to improve their knowledge.
- Methods to contact financial services providers and satisfaction levels with the support received.
- Consumer behaviour towards certain aspects of the Consumer Duty.
- Competitive strategies and launch activity in light of the Consumer Duty.
Support consumers during the cost of living crisis
Delivering good outcomes, including for those in vulnerable circumstances, is a key area of the Consumer Duty, which was introduced in the midst of the cost of living crisis. This highlights the importance of supporting financially vulnerable consumers and offering targeted support to create a more inclusive financial landscape.
Combat perceptions of predatory practices
Perceptions of rip-off charges pose a significant challenge for providers who have to ensure they provide fair value. These negative perceptions, especially regarding fees imposed by certain sectors, can erode trust. Addressing this issue through transparent pricing is essential to uphold consumer trust and regulatory compliance.
The Consumer Duty can help increase trust
While different financial products enjoy varying levels of trust, the Consumer Duty is an opportunity for firms to boost trust. By increasing pricing transparency, helping consumers improve financial knowledge, providing personalised support and consumer-centric products, providers can strengthen connections, thus enhancing trust.
Expert Analysis from an Industry Specialist
This report, written by Stefania Apostol, a leading innovation analyst, delivers in-depth commentary and analysis on the impact of consumer duty regulations in the UK financial services industry.
The Consumer Duty requires firms to put customers’ needs first, presenting an opportunity to increase trust through a more consistent consumer-centric approach.
Stefania Apostol
Innovation Analyst
Collapse All
-
- Key issues covered in this Report
-
Executive Summary
- Opportunities in light of the Consumer Duty
- Market dynamics and outlook
- Graph 1: financial products ownership, 2023
- What consumers want and why
- Graph 2: understanding of financial terms, 2023
- Graph 3: methods of contacting a financial services provider, 2023
- Innovation and marketing
-
Market Dynamics
- Macro-economic factors
- Graph 4: GDP, 2021-2023
- Graph 5: CPI inflation rate, 2021-23
- Graph 6: the financial wellbeing index, 2016-23
- Graph 7: “Have you been affected by any of these issues over the last two months? Please select all that apply.”, 2023
- Graph 8: financial products ownership, 2023
- Regulatory and legislative changes
-
What Consumers Want and Why
- Trust in providers of financial products
- Graph 9: trust in financial services providers to act in customers’ best interests, by product, 2023
- Graph 10: distrust in financial services providers to act in customers’ best interests, by financial situation, 2023
- Graph 11: trust in mortgage providers to act in customers’ best interests, by housing situation, 2023
- Graph 12: trust in life insurance providers to act in customers’ best interests, by generation, 2023
- Graph 13: trust in providers of retirement income products to act in customers’ best interests, by age and gender, 2023
- Perceptions of rip-off charges or fees
- Graph 14: perceptions of rip-off charges or fees, 2023
- Graph 15: perceptions of rip-off charges or fees – investment company, by generation, 2023
- Understanding of financial terms
- Graph 16: confidence in understanding of financial terms, 2023
- Graph 17: consumers who are not very or not at all confident in their understanding of the financial terms, by financial situation, 2023
- Graph 18: confidence in understanding of ‘hard credit check’, by financial situation, 2023
- Graph 19: confidence in understanding of ‘FSCS protected’, by ownership of selected financial products, 2023
- Graph 20: confidence in understanding of ‘Representative APR’, by generation, 2023
- Methods to improve understanding of financial products and services
- Graph 21: interest in methods to improve understanding of financial products and services, 2023
- Graph 22: interest in podcasts and chat bot services to improve understanding of financial products and services, by generation, 2023
- Customer service support
- Graph 23: methods of contacting a financial services provider, 2023
- Graph 24: selected methods of contacting a financial services provider, by generation, 2023
- Graph 25: selected methods of contacting a financial services provider, by product ownership, 2023
- Graph 26: satisfaction with the support received from the financial services provider, 2023
- Graph 27: satisfaction with the support received from the financial services provider, by product ownership, 2023
- Graph 28: satisfaction with the support received from the financial services provider, by financial situation, 2023
- Behaviours towards Consumer Duty regulations
- Graph 29: behaviours towards Consumer Duty regulation, 2023
- Graph 30: agreement with the statement ‘I think that financial services providers make it difficult for people to cancel products’, by generation, 2023
- Graph 31: trust in financial advisers to recommend the most suitable products and services, by age groups, 2023
-
Innovation And Marketing Trends
- Competitive strategies and launch activity
- Advertising and Marketing Activity
-
Appendix
Market Intelligence Made Easier With Mintel
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
- Make decisions with confidence, grounded in robust data: Each report draws on up-to-date, reliable information from trusted sources and industry experts, ensuring your strategies are based on solid evidence rather than speculation.
- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
- Stay ahead with actionable intelligence on market trends and consumer behaviour: By combining fresh research with long-term market monitoring, our reports help businesses anticipate changes and adapt strategically. So you’re prepared to make informed decisions and drive growth.
What goes into a Mintel Market Intelligence Report?
Curious about how a Market Intelligence report comes together? We like to think of it as building a detailed puzzle. We start with individual pieces: data from consumers, market statistics, industry trends, and online conversations. Then our expert analysts add world-class human insight and industry knowledge. The pieces are assembled to reveal a clear, comprehensive picture of a market.
The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
- Desk Research: In-depth review of trusted data sources. We use this rich database, plus powerful internal tools that track new products and market sizes, to detect trends and guide forecasts.
- Trade Research: Insights from conversations with industry experts. Their real-world experience helps us understand what’s happening behind the scenes.
- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
For a closer look at a Mintel Market Intelligence Report, take a look at the sample PDF report below:
Please Note: All of the figures, graphs, and tables in this sample report have been redacted.
£ 1,495 (Excl.Tax)
-
Download today with instant access
Pay via credit card or purchase order
-
Multiple formats provided
We send a PDF, Powerpoint and Excel Databook straight to your inbox. An interactive version of the report is also available on our online platform
-
Interactive databook included
Focus on the data that matters most to you with a customisable databook avaliable on our platform
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn moreTrusted by global industry leaders
We use Mintel to inform our thinking and reinforce strategy. If you’re presenting new ideas, it’s essential they are underpinned by robust data and evidence, and clearly rooted in fact.
Mintel gives us all that. It’s a great brand and one that is trusted by clients.
Marie Stafford, European Director, The Innovation Group, VML
Working in a customer-obsessed organization means that data and insights have to be at our fingertips. Mintel’s reports help us support anecdotes with real quantifiable insights. The summary sections (which I really like) helps save time by giving a birds eye view of the content before spending time combing through the pages.
Our business review discussions are strengthened by the relevancy of the reports to help us better understand our customers. In addition, the customer service received from the team (especially in crunch periods) makes the process of understanding customer behavior even better.
Ngozi Ngonadi-Nkwoji, Senior Marketing Manager, Amazon
At Jackman, we believe that powerful strategies are based on human insight. Mintel’s leading-edge reports and insights into consumer attitudes and behaviors are an important input as we develop and execute strategy.
Alana Gavin, VP Research and Insights, Jackman
We use Mintel Reports, mostly for financial services and ecommerce markets, plus a few retail and technology ones.
As a leading payments provider, we value additional insights into consumer behaviour, opinions and trends that are shaping the many different markets we operate in. Mintel is a very good and very quick way for us to obtain those insights.
We use Mintel to get a view on where a particular market is going, which can support us in product development and help us identify opportunities or indeed risks, it is a very useful barometer of a market’s potential.
Andrew Neeson, Market Intelligence Manager, VocaLink
We have such a great working relationship with Mintel on lots of different levels. As an insight partner, they have helped us to develop our business planning in specific categories as well as supporting our creative process but they’ve also been super helpful with facilitating our events in their inspirational offices near St Paul’s.
They’re an innovative company, with a client-focused team that always delivers.
Abby Carvosso, Group Managing Director, Bauer Media Group
Next Starts Here
Whatever your business needs, we have the solution. From market intelligence reports to customised growth strategies.
Learn more
