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Active consumers and complex transactions - 24 November 2009
Event background
Markets work best when consumers are active and empowered in the choices they make. When consumers shop around, they should increase incentives for businesses to offer higher standards and drive down production costs. When consumers are able to learn about new goods and services, and are confident enough to try them out, they should provide signals to firms encouraging innovation and the development of better products.
In these ways, active consumers can drive economic growth and reduce the need for regulatory interventions in markets. However, many elements of consumer transactions are becoming more complex. For instance, highly contingent pricing tariffs, complicated terms and conditions and sophisticated behavioural targeting techniques can all make it harder for consumers to exercise informed choice.
On 24 November 2009, the OFT and Consumer Focus co-hosted a breakfast roundtable meeting to discuss these issues with a range of experts and senior representatives and from business, government, regulators, consumer bodies and academia.
The discussion was focused around four key questions:
- When is complexity demanded by consumers, and when is it imposed by firms?
- How much complexity is it reasonable to expect consumers to deal with?
- How can we identify circumstances in which market solutions to complexity are likely to arise, and conversely, those in which intervention by agencies may be necessary?
- How can we protect consumers who are unable to take an active role in complex markets?
Read a selection of opinions and observations expressed by event participants.
Contact details for feedback or questions
If you have any comments, feedback or questions regarding the Active Consumers and Complex Transactions event, please contact Mark Dungworth (mark.dungworth@oft.gsi.gov.uk or 020 7211 8241).
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