Four key findings of the FCA Financial Lives Survey 2017
By Kirsten Hastings, 19 Oct 17
The FCA recently published its results of the Financial Lives Survey 2017. It hopes the data collected will help in the understanding of consumer needs and identify where they might be experiencing harm.
Consumer understanding
Almost 12 million people have insurance or protection products and would go for the cheapest rather than compare the coverage of different products.
While more than 12 million people do not think they have enough information to decide, on quality, between different insurance policies.
In the last two years, 400,000 UK adults had accessed a DC pension and admit to not understanding their access options at all or even if that option exists.
