Fairer Finance appoints Tim Hogg as director to strengthen Consumer Duty expertise
Fairer Finance, a London-based research and ratings agency for the financial services industry, has sought to reinforce its technical expertise regarding the UK’s Consumer Duty with the appointment of Tim Hogg as director.
Leading the agency’s behavioural and data science team, Hogg will leverage a decade of experience advising the public and private sectors on regulation implementation to help the firm “guide companies through the intricacies of regulatory compliance”.
Hogg will be tasked with scrutinising the impact of the Consumer Duty in particular, which was officially introduced by the Financial Conduct Authority (FCA) in July as a means to ensure consumer protections within financial services.
As director, he will aim to establish what impact the stipulations of the duty have on business models, product innovation, pricing dynamics and perhaps most importantly, consumer communications.
James Daley, the agency’s managing director, describes the FCA’s Consumer Duty as “the biggest change to regulation in 20 years”, and anticipates that Hogg’s appointment will “significantly enhance our ability to support firms in managing that shift” through the incorporation of more data science and behavioural economics.
Adding to this, Hogg says compliance with the duty is “a comprehensive, multifaceted obligation that demands a nuanced approach”.
“By harnessing the immense potential of behavioural and data science, we can deepen our understanding of human decision-making processes, allowing firms to authentically put consumers at the heart of their business models,” he says.
Hogg joins Fairer Finance from the economics and finance consultancy Oxera, where he led the company’s behavioural economics practice for over four years.