4/9  BIS central bankers' speeches  Current Priorities We set out what we see as the key risks now facing consumers in our Consumer Protection Outlook Report, which was published last week.17 These range from the absence of a consumer-focused culture in financial services firms, through the ongoing problems of high levels of indebtedness and mortgage arrears, to the implications for consumers of the significant increases in the cost of health and motor insurance.
There are risks to consumers from poor product design and marketing especially where products are complex and terms and conditions may be difficult to understand. There are risks, as well as advantages, for consumers from the greater use of technology to deliver financial products and services and from the pace and scale of technological innovation in the financial services sector.