We exploit a change in conduct regulation – the Mortgage Market Review (MMR) in 2014 – to estimate the effects of mandatory advice on the choices of UK mortgage borrowers. Focussing on the most affected segment of borrowers, home purchasers, we find that the proportion of advised...

Incidental charges incurred by UK consumers on their Personal Current Account (PCA) are steep, especially for small amounts of unplanned borrowing and unpaid items. A recent policy mandates major UK banks to send consumers a text message alert of impending charges, allowing them to act before...

Despite the growth of digital banking and the rapidly expanding offering of money management applications, a substantial proportion of banking customers still incur overdraft and unpaid item charges. To the extent that such charges are incurred due to inattention, our previous research shows...