Summary of responses to the BSB consultation on what good banking outcomes look like to consumers
In 2017, the Banking Standards Board (BSB) launched a consumer consultation on what good banking outcomes look like to consumers.
The consultation consisted of 14 questions addressing different elements of a proposed BSB Consumer Framework. The Framework was designed to:
- increase the BSB’s understanding of consumer issues and concerns;
- provide the basis for the creation of good practice guidelines for firms, and a common language for firms and consumer organisations; and
- enable consumer and civil society organisations to engage more readily with aspects of the BSB’s work.
The consumer consultation ran from 2 November 2017 to 26 January 2018 and was aimed primarily at consumer and civil society organisations. We received 81 consultation responses from a range of organisations.
To encourage direct engagement from consumers we also designed a separate questionnaire tailored to individual respondents. This was distributed by a number of organisations, including Money Saving Expert, Money Advice Scotland and Young Scot. The questionnaire ran over a period of three months in late 2017 and early 2018. The 2,025 responses are summarised in the document.
The BSB is carefully considering the suggestions made as they finalise the Consumer Framework and identify priorities for their work in this area and would of course welcome any further views as we do so.