"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."
- Tim Hogg, director at Fairer Finance
In a significant strategic move that amplifies its commitment to shaping the financial services landscape, Tim Hogg has been hired to strengthen the consumer group’s capacity to guide companies through the intricacies of regulatory compliance, especially Consumer Duty.
Prior to this appointment, Hogg spent ten years advising both public and private sectors on the design and implementation of regulation. Most recently, he served as a senior consultant at Oxera, the economics and finance consultancy, spearheading the behavioural economics practice. His counsel has been sought by top-tier organisations, including testimony to the European Commission on matters of competition law.
In his new role, Hogg will scrutinise the Consumer Duty across business models, product innovation, pricing dynamics, and consumer communications. He will distil the complexity of regulatory stipulations into actionable insights and strategic plans, thereby enabling financial firms to thrive within it.
Commenting on the appointment, James Daley, managing director at Fairer Finance, has 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. We have already worked with dozens of firms to help them prepare for the new regulations, and Tim will help us broaden our approach to include more data science and behavioural economics in our work.”
Tim Hogg, director at Fairer Finance, added:
"I am thrilled to join Fairer Finance, an advocate for fairness in financial markets. 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."