The retail financial services industry suffers from a number of dysfunctional characteristics which are not apparent in other consumer markets, according to the chief executive of Which? The Concise Oxford Dictionary defines dysfunction as "abnormality or impairment of function". Discuss.
Is the UK financial service industry abnormal compared to say Australia or the States? Unique yes, but not abnormal. The Australians were forced to make pensions compulsory and as we know it’s pay as you go in the States with little state support with huge sales forces dominating distribution. Is the UK financial services industry better than others? This is a hard question to answer, however we are recognising the importance of the central argument in the Which? comments on the industry – the need to become more consumer facing. Progress has been made in recent years to change the balanc...
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