IMMEDIATE RELEASE

Money and Mental Health response to new FCA Financial Lives survey

26 July 2023

Last night, the Financial Conduct Authority (which regulates financial services) published the findings of its latest Financial Lives Survey, under embargo until 10:30pm on 25 July 2023 (1). 

The results show that over 7 million people unsuccessfully attempted to contact one or more of their financial services providers between May 2021-22. The FCA said it will work with firms to improve customer outcomes in this area as part of its new Consumer Duty, coming into force at the end of the month. 

In response, Conor D’Arcy, Interim Chief Executive of the Money and Mental Health Policy Institute, said:

“These disappointing findings highlight there’s still a huge gap between the help people need and what they’re getting from firms, despite recent efforts to encourage struggling customers to reach out. As the cost of living crisis rumbles on, banks have to turn words into action and make sure that customers who are struggling – particularly those with mental health problems and other vulnerabilities – can get the support they need. That includes making it as easy as possible to get in touch through a variety of channels – such as over the phone, online or face-to-face – and making sure that customers who get in touch are met with tangible offers of support.”

“The Consumer Duty is a massive opportunity to improve outcomes for consumers, and if firms meet these new standards they could be transformative for customers living with mental health problems. While we hope the new Duty triggers the seismic shift that’s needed to crack down on bad practice, whether that’s hard-to-access support or aggressive debt collection tactics, it’s vital that the regulator is on stand-by to enforce these new rules if firms don’t raise their game.”

ENDS

Contact:

To set up an interview or for any other media enquiries, please contact Rachel Fergusson, External Affairs Officer at Money and Mental Health, on 07935 216 804 or [email protected]

Notes to Editors

(1) For more information on the FCA’s Financial Lives Survey, please contact the FCA press office on [email protected] or +44 (0)20 7066 3232. 

About the Money and Mental Health Policy Institute

The Money and Mental Health Policy Institute is an independent charity set up by Martin Lewis, and committed to breaking the link between financial difficulty and mental health problems. We conduct research, develop practical policy solutions and work in partnership with both those providing services and those using them to find what really works. www.moneyandmentalhealth.org