FCA's new Consumer Duty: far from a silver bullet

Everyone needs access to essential services such as insurance, payments systems, credit and energy, yet these markets are designed to cost more if someone is poor. Low-income consumers pay more for products and services, spending on average an extra £478 — the equivalent of 14 weeks' food shopping — just to access the same essential services as those who are better off. This is known as the poverty premium, and the insurance market has become a huge contributor to it.