our response to new fca consumer regulations

Sheldon Mills, FCA’s executive director, said: 

finance is at the heart of everybody’s life journey, and we want consumers to lead healthy financial lives

As gen-z and millennials navigate early adulthood milestones such as getting their own place for the first time, heading to university (finishing university 👀), or getting their first full time job, etc. the core theme around all these milestones is money. Specifically, it's all about financial confidence and making the right financial decisions dependent on the individual - whether that's deciding to invest in university, settling on an overdraft, or understanding the property market, etc.

startlingly, though, only a quarter of people trust the UK financial services industry to act in the best interests of their customers

The FCA has now put in place a long awaited policy that regulates how financial services treat, support, and serve their customers. 

This means: 

👉 You should be offered products and services that meet your needs and offer fair value.

👉 You should receive communications that you can actually understand. No more jargon.

👉 You should receive the support you need, when you need it.

Our ethos?

right product, right time, fair price

When it comes to offering the best product and service suitable to the individual, gen-z and millennials are inherently disadvantaged in accessing the right financial product, at the right time, and at a fair price. Often with a thin credit profile, it’s difficult to fairly judge borrowing capabilities and provide the best product for both them and the lender. 

Our financial wellbeing app is backed by science and CBT (cognitive behavioural psychology) driven principles that empowers our users to grow their financial confidence and capabilities in a personalised and supportive way. And our app has been shown to reduce financial stress and anxieties that statistically stunt financial growth in 18-30 year olds.

We take a comprehensive and holistic approach to financial confidence, risk, and wellbeing, enabling a more thorough and relevant tailoring approach to the right products and services personalised to the user 🧠 And as a financial wellbeing app, we go beyond generic financial advice. With our CBT-driven features and psychoeducation pathways, our app equips users with the knowledge and skills they need to grow their money confidence, personalised to meet their financial needs and goals 🎓

right now, 81% of young adults feel anxious about their money

We're developing and piloting our Readiness Score, which will ensure the right product, at the right time, at a price that’s fair for you (as well as the lender) by showing a more holistic and fairer overview of your financial confidence, risk, and wellbeing that a traditional credit score doesn't quite capture.

We hope that these new consumer duty regulations will push for more impact, more support, and fairer deals. And as we continue to develop our core app features, current and new, we want to work with financial services to ensure that you, as the customer - borrower - human being, get the right product, at the right time, at a fair price. 

Feeling tired of being denied financial products (that pesky credit card, financing that nice but pricey car that you know wouldn’t break down on you, or that taking out that loan that would carry you over)? Join the movement where your financial wellbeing matters 👇