The new City watchdog, the Financial Conduct Authority (FCA), has published two papers designed to gather an insight into how consumers choose financial products and how it can impact competition amongst institutions such as banks.
The regulator hopes the papers will provide information on "behavioural economics", looking at the mistakes made by consumers when making financial decisions, how companies react and deal with these mistakes and how this can impact on competition in the market.
The FCA stated that the papers were the first crucial step in ensuring the delivery and promise of financial products were linked.
The chief executive of the FCA is expected to deliver a speech at the London School of Economics this evening, explaining the challenges facing banks, building societies and other institutions in the financial sector.
In his first speech since the regulator started operating on 1 April, Mr Wheatley will also reveal the FCA's vision, on how companies should behave going forward.
"I want the FCA to bring a more human face to the regulation of financial services; a more pragmatic approach to regulation. Not only to defend against sharp practices, but also to encourage better decision making among consumers," he is expected to say.
Find out how to choose the best bank account by reading our guides to help you open and manage your bank account. Search all mortgages Compare the best savings rates
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.