| Link(s): | Financial Lives 2022 survey – Key findings from the May 2022 survey: Executive summary | FCA Financial Lives survey highlights importance of the FCA’s Consumer Duty | FCA |
Context
Approximately every 2 years, the FCA conduct a survey which is designed to provide longer-term trend data. The FCAs third Financial Lives survey was conducted largely in May 2022. In this report, the FCA have compared the results with those from 2 previous surveys in 2020 and 2017. However, in January 2023 the FCA also conducted a short survey that focused on the impacts of the rising cost of living on people around the UK.
The FCA use this data to help track and monitor consumer experiences. The FCA make the data available for others interested in helping drive improvements in consumer outcomes.
Key points to note
- The executive summary is in 3 parts:
- To show the detrimental impact of the rising cost of living on consumers’ finances
- To explain the importance of the Consumer Duty and explore some of the Financial Lives results that are relevant to the outcomes it seeks to achieve.
- How the wider market has evolved since earlier Financial Lives surveys and changing trends in product holdings, access, use of digital services, trust, fraud and scams, and vulnerability.
- In the 6 months to January 2023, 3.6 million UK adults cancelled at least one general insurance or protection policy – specifically due to the rising cost of living.
Next actions
None – for information and awareness.