Against a background of growing insecurity and increased awareness of privacy issues, the consumer of the early 21st century has become reluctant to engage with financial services; an industry that they do not really understand and, after a wave of mis-selling scandals in recent years, cannot really trust. It is the loss of trust that increasing regulation seeks to regain. Indeed, specially commissioned consumer research for this report shows the scale of the need for protection. Some 17% of the population (some 8 million adults) have formally complained about mis-selling, while around 18.5 million adults (40% of the population) have indicated that they regret a financial purchase

Against a background of growing insecurity and increased awareness of privacy issues, the consumer of the early 21st century has become reluctant to engage with financial services; an industry that they do not really understand and, after a wave of mis-selling scandals in recent years, cannot really trust. It is the loss of trust that increasing regulation seeks to regain. Indeed, specially commissioned consumer research for this report shows the scale of the need for protection. Some 17% of the population (some 8 million adults) have formally complained about mis-selling, while around 18.5 million adults (40% of the population) have indicated that they regret a financial purchase

At this critical time for the industry, this report uses the latest research techniques to examine the likely consequences of greater regulation in retail financial services on the sales process and whether it will improve consumer protection.

Focussing on the new rules governing mortgages, long-term care, advice, general insurance and pensions development, other industry issues explored by this report include:

the costs and benefits of regulation and who will be paying the cost

the lessons of the mis-selling scandals

trust and confidence – how consumers view providers – will regulation help to regain trust?

dealing with complaints – consumer and industry experience.

Mintel’s findings offer you a unique way of understanding consumer attitudes towards financial services, enabling you to tailor your marketing to real demand, both tactically and strategically. Use Mintel’s research to avoid market pitfalls, discover sector opportunities, identify growth potential and maximise your sales.