Description of impact
Past academic work repeated cited and commented on in a FCA consultation document.Impact Summary for the General Public
Work undertaken at Bangor University has been used to imform policy use to save bank customers money.Description of the underpinning research
The work uniquely quantifies the costs of the loyalty penalty for UK cash savings cusotmers.Beneficiaries and reach of impact
Around 94% of the UK population use the cash savings market. This policy measure will provide financial benefits to these beneficiaries of approximately £300m annually.| Impact status | Ongoing |
|---|---|
| Impact date | 9 Jan 2020 |
| Category of impact | Economic |
| Impact level | Engagement |
Related content
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Research output
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The influence of product age on pricing decisions: An examination of bank deposit interest rate setting
Research output: Contribution to journal › Article › peer-review
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Impacts
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Constraining the loyalty penalty and complexity costs in retail financial service markets [REF2021]
Impact: Societal, Policy and Public Services, Economic