FSCS Research - 2nd report published

7 Sep 2022 03:57 PM

FSCS research shows awareness of FSCS protection leads to greater confidence in managing financial products.

FSCS has just published the second in our series of consumer research papers, sharing insights from exclusive research on consumer trends, attitudes and behaviours towards financial products and the protection that FSCS provides.

Many adults in the UK are aware that FSCS protects their money in banks and building societies, but far fewer know that FSCS protects other UK-regulated financial products such as pensions, investments, insurance, funeral plans and financial advice.

As the cost of living crisis deepens, consumers of all ages and backgrounds are striving to make their money go further, which could mean taking higher risks. It’s more important than ever that people are empowered when making financial decisions and can feel confident their money will be safe if things go wrong.

Awareness of FSCS protection helps to inform people’s choices by increasing their confidence in buying protected services and understanding the risks of unregulated products. Our latest research shows those who are aware of FSCS protection are 15 percentage points more likely to feel confident in choosing and managing particular financial products than those who are not.

In the latest edition of our consumer research series, we explore:

• Awareness and understanding across different FSCS-protected financial products.
• Why disparities in consumer awareness and understanding of FSCS protections exist and the impacts on consumer confidence.
• Opportunities for the financial services industry to address the gaps in consumer awareness and understanding of FSCS protection.

To find out more, visit our Consumer research page to download our findings and to sign up for alerts when we release more papers.