It is in the long-term interest of firms to deliver not just profit, but also sustainable business models. Firms that understand consumer interests and behaviours and deliver good outcomes to consumers can meet the demands of all their stakeholders, including shareholders, regulators and consumers. This requires meeting valid consumer needs and having a culture focused on good conduct and delivering positive consumer outcomes.

So how can senior managers and the Board satisfy themselves that the ‘outcomes’ are ‘fair’ and in line with the firm’s principles and risk appetite? Fairness is subjective, and to inform a sensible discussion at Board level, it is useful, in our experience, to look at outcomes and product design from a range of perspectives, using a combination of behavioural economics, financial analysis, and business model analysis. Key components include elements of consumer value (i.e. how a firm can ensure that it delivers consumer value) and how these are balanced against risk and profit considerations (i.e. what the business needs to be sustainable and profitable), as well as competitive dynamics. There will inevitably be tension between these different perspectives, and it is useful to make this transparent—trade-offs will have to be made.


The application of economic insights into consumer outcomes is central. Behavioural economics has been adopted by the Financial Conduct Authority (FCA) and, combined with financial analysis, it provides the tools to assess the distribution of outcomes across consumers, according to their characteristics and behaviour, and ultimately the resulting actions of firms. Firms are therefore increasingly using insights from economics to further develop their principles and operational policies.

This workshop explores how firms can develop a coherent and robust methodology for assessing consumer outcomes and thereby translate high-level principles around Treating Customers Fairly into operational policies. The approach is based on four pillars—consumer value, consumer protection, consumer choice, and sustainable business models. This tried-and-tested approach has been used to address questions around the structure of pricing, responsible lending, and value for money, which will inform case studies in the session.


Attendees will be looking to understand how to assess consumer outcomes and ensure financial services products deliver appropriate outcomes through practical policies and robust monitoring tools.

By attending the workshop, you will:

  • come to understand how the FCA uses economics to assess consumer outcomes and how behavioural and business model analysis provide firms with effective tools;
  • see how consumer outcomes can be understood through the four-pillar economic framework, looking at consumer value, consumer protection, choice, and sustainable business models;
  • explore practical case studies of how the approach has been put into effective practice to address the needs of consumers and the concerns of regulators and other stakeholders;
  • leave better equipped to assess outcomes of their own firms and thereby inform product design to ensure appropriate consumer outcomes in the future.


  • Introduction
  • Outcomes-based regulation
  • Insights from behavioural economics
  • Business and consumer perspectives
  • Assessing the outcomes for products and for consumers
  • Assessing value for money for financial products
  • Incorporating behavioural economics into the product lifecycle

Who will benefit

The workshop should be attended by senior product heads, Chief Risk Officers, Conduct function leads, and other senior leaders involved in ensuring the principles around treating customers fairly are translated into effective operational policies affecting product design.

About the Trainer

Reinder van Dijk

Head of Oxera’s Financial Services team. With more than 20 years of experience in the sector, Reinder has advised major retail and investment banks, lenders, insurers and re-insurers, trading platforms, payment system companies, and asset managers and distributors on regulatory investigations, supervision/conduct risk, and competition and litigation cases. He has been involved in all major regulatory and market investigations in financial services, and he has provided written and oral evidence. Reinder has delivered bespoke behavioural economics and competition economics courses to staff members at the FCA, other regulatory authorities, financial services companies, and law firms.

Graeme Ashley-Fenn

One of Oxera’s Senior Advisers, and he brings over 35 years of experience gained as a leading regulator at the UK’s Financial Services Authority (FSA)—latterly the FCA/Bank of England’s Prudential Regulation Authority (PRA)—as well as during extensive work with the Dutch Central Bank and the UK’s Solicitors Regulation Authority. He has successfully operated within FTSE 100 (Lloyds Bank Plc and NatWest Bank Plc) and Fortune 500 companies (GE Capital and Pitney Bowes), including at Board level. In addition, he was a Senior Partner at Alvarez & Marsal, where he established a highly successful regulatory consultancy business; he recently replicated this for BlackRock Inc. in EMEA.

John Raven

Principal in our Financial Services Regulation practice. He brings experience of working with leading banks, insurers, lenders, trade associations, and regulators. John assists clients in applying economics to their business decision-making procedures, regulatory issues, supervisory investigations, and enforcement cases. John has run training sessions on the application of behavioural economics in financial services in both commercial and regulatory contexts for a wide range of organisations, including the FCA. He brings considerable experience of the practical implementation of the insights of behavioural economics into the operational policies and procedures within firms.

Jonathan Haynes

Senior Consultant in our Financial Services Regulation practice. He applies his skills in corporate finance, regulatory finance, asset pricing and valuation. He has worked with leading banks, insurers, exchanges, payment service providers, industry associations and regulators. He has expert knowledge of many UK and EU financial regulations, including the banking sector state aid framework and bank resolution, and the current policy landscape. Before joining Oxera, Jonathan worked at the European Commission, where he played a leading role in designing EU financial regulation in response to the financial crisis.

Additional Information

The workshop programme and content is designed to be flexible, interactive and stimulating. We aim to create an environment that promotes the sharing of new ideas ensuring the workshop is as dynamic, practical and helpful, as possible.

The knowledge acquired through our training can be immediately applied in the workplace. Our experts excel at sharing their expertise, underpinning their teaching with case study and real-life examples to bring concepts to life.


Take this training in-house

If you have five or more delegates who wish to attend this briefing, it may be more cost effective to run it in-company. To find out more about in-company training, please contact the learning team at

Consumer Outcomes and Product Design: Insights from Behavioural Economics
Workshop Details

UK Finance, 5th Floor
1 Angel Court
London, EC2R 7HJ
Time: 09:00 - 17:00

Start Date: 7th March 2019
End Date: 7th March 2019


£650 (+VAT) – Members
£800 (+VAT) – Non-Members