FTA: If the lending sector were to be reformed, what should that look like?
SS: Lenders need to push on and transform the industry to offer enhanced support, more suitable products and protect borrowers over the long term.
To help reverse the long-term impact of the cost of living crisis for consumers, it is crucial that financial institutions start thinking in a more outcomes-based way and utilising data to better support borrowers by monitoring their ongoing financial health, while assessing the impact of financial products they use.
Looking more broadly, a truly holistic financial system is one where financial institutions are continually working on the side of the consumer to make them wealthier.
Every individual deserves to get the service they need, at a suitable price for them, at the time they need it on an ongoing basis.
carmen.reichman@ft.com
