Pricing in UK Financial Services 2023; What to expect and how to prepare

Published on September 3, 2023

If 2022 was a year of flux, 2023 is set to be the year when financial services firms reset for the new environment; one in which fixed price tariffs are re-priced to pass through cost inflation, and interest rates revert closer to historical norms. It’s also the year in which the FCA’s Consumer Duty kicks in (from July 31) requiring, amongst other things, that regulated firms provide ‘fair value’ in their pricing. 2023 is set to be the year when financial services firms, not unlike other industries, take a long, hard look at their approach to pricing and realize they need to up their game.

Inflation

The economic story of late 2022 and early 2023 is one of inflation. After a decade of low inflation and stable prices, inflation is back and prices are on the move. Short-term supply-side shocks including COVID related shortages and rising energy prices resulting from the war in Ukraine have combined to send inflation to levels not seen…

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