Predictably Mistaken: The FCA and the use of economics, psychology and consumer bias in their new role of promoting competition in the interests of consumers in financial services in the UK in 2014

Lee Callaghan, General Counsel, International Markets (Europe and Asia) and Group Competition Law General Counsel, Aviva plc. UK

Financial services and the new FCA (Financial Conduct Authority) competition role in the UK. Why the changes, how will it work and how should you manage them? • The next phase of competition law reform in financial services in the UK. Promoting competition in the interests of consumers. • The FCA and the use of behavioural economics in identifying market correction. • Combining established competition law principles with certain “behavioural biases” found in consumers. • The importance of assessing why consumers behave the way they do. Just providing more information to consumers might no longer be enough. • Psychology, economics and the law. Three legs of the same stool. • Identifying underlying bias in existing consumer behaviour and how to regulate financial services markets as a result. • What lessons might there be for other regulated sectors in the UK and beyond? Is this a model other regulators globally will follow

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United Kingdom Competition Insurance April 2014 Vol. 7, No. 27, Spring 2014

Lee Callaghan

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Lee Callaghan is the General Counsel at Aviva plc for their international markets in both Europe and Asia. He has over 25 years of legal experience in industry, having been called to the Bar in England and has worked in the UK motor industry, chemical industry and, for the last 13 years, at Aviva. He is the Aviva plc Group Competition Law General Counsel. He also serves on the Editorial Board of the IICJ.

Aviva Plc

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Aviva is the UK’s largest insurer and a top 10 global insurer that operates in general, life, healthcare and asset management markets worldwide.

United Kingdom Competition Insurance April 2014 Vol. 7, No. 27, Spring 2014