Consumer Protection in Financial Services

In recent years, consumer protection has been at the forefront of both the media and regulatory agenda. The growing dependence on digital products and services has resulted in customers being offered a wider range of solutions, which increases competition and drives prices down, however this new environment has proven riskier and more complex. Our Risk Consulting team explore these issues in the report below.

It is more important than ever to proactively embed consumer protection into all aspects of a firm’s activities, although customers demand a new way of conducting business. Poor consumer outcomes may arise when product oversight and governance requirements are not captured as part of the product design and review, due to the rush to innovate. KPMG reflects here on the crucial need for firms to strategically align consumer protection to their product offering.