The Financial Conduct Authority is now starting to scrutinise the value for money aspect of financial products and services. A key question is "how do customers know they are getting value for money" and basically not being ripped off ie how do they know they are being treated fairly?.
If you took an "ultra-transparent" approach this would mean providing customers with clear details of product terms, conditions, exclusions, costs, commission, margins and claims levels etc etc. It could include the rates of pay and contracts for staff (zero hours etc) and suppliers. If any organisation feels "uncomfortable" about revealing these areas to customers then maybe they need to review what they do so that there is clear justification for their practices?
And how does ultra-transparency translate when it comes to "big data". How comfortable are we as consumers to know that,for example, the debit card expenditure at Boots is being used by the insurance sector to predict health issues and set our premium levels. We can only make a choice, assess fair treatment and vote with our feet as consumers if we know about it- interesting times ahead.
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