NEWS26 September 2023

Fairer Finance appoints behavioural economics and data science director

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UK – Independent consumer group and ratings provider Fairer Finance has appointed Tim Hogg as director to lead its behavioural economics and data science team, with a focus on the consumer duty.

tim hogg

Hogg (pictured) joins the organisation from economics and finance consultancy Oxera, where he led the behavioural economics practice.

Fairer Finance produces financial product ratings for consumers across products including bank accounts, credit cards and insurance. 

At Fairer Finance, Hogg will focus on investigating the impact of the Financial Conduct Authority’s consumer duty across business models, product innovation, pricing dynamics and consumer communications.

The consumer duty, which came into force in July, places greater obligations on financial services providers to ensure that customers receive communications they can understand, products and services that meet their needs and offer fair value.

James Daley, managing director at Fairer Finance, said: “Consumer duty is the biggest change to regulation in 20 years – and Tim’s appointment will significantly enhance our ability to support firms in managing that shift.

“Tim will help us broaden our approach to include more data science and behavioural economics in our work.”

Through the appointment, Fairer Finance is also looking to strengthen its behavioural and data science team under Hogg’s leadership, and expand its advisory services for businesses..

During his career, Hogg has He has advised both the public and private sectors on the design and implementation of regulation and advised firms on the fair value of their financial products

Tim Hogg, director at Fairer Finance, said: “Consumer duty is not just a check-the-box exercise; it’s 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.”