• Policy-makers and government departments
• Industry bodies and trade associations
• Regulators and supervisory authorities
• Financial institutions and pension providers
• NGOs and other not-for-profit organisations

• Market and sector analyses
• Competition and regulatory analysis
• Ex-ante and ex-post impact assessments
• Policy and programme analysis and evaluations
• Consumer analysis and household behaviour analysis
• Behavioural experiments and analysis of financial and retirement decision making

• The functioning of capital markets (equity markets, fixed income markets, money markets and others)
• Banking and non-bank financial institutions (including clearing and settlement and payment services)
• Credit and debt markets, including personal debt and insolvency
• Insurance markets
• Regulation of and supervision of financial institutions and competition in financial markets
• Consumer behaviour, protection and financial inclusion
• Pension system design, retirement income adequacy, and decumulation strategies
• Financial business support programmes and policies

This study for the European Commission examined auto-enrolment practices, comparing them across EU and non-EU jurisdictions to make recommendations to inform any future policy action. In countries where automatic enrolment policies were well established preliminary evidence was provided on the impact of auto-enrolment on pension adequacy.

Late payment has long been recognised as a significant problem for businesses. However, until now, there has been a lack of methodologically robust evidence on the nature and magnitude of this problem. A recent study delivered by London Economics for the Department for Business and Trade and the Office of the Small Business Commissioner bridges this evidence gap, providing the first comprehensive analysis of the impact of late payments on UK businesses and the UK economy. The key findings of the study are that: Late payments cost the UK economy almost £11 billion per year.  More than one quarter of UK businesses are affected by late payments each year. Approximately 133 million hours of staff time are spent chasing late payments each year. 14,000 businesses a year (or 38 every day) close as a direct result of late payments. The findings of the study are based on a robust methodology comprising econometric analysis of existing administrative datasets as well as a large-scale quantitative survey of UK businesses. Following the publication of the study, the UK Government has unveiled its Small Business Plan, which cracks down against late payments.

London Economics recently undertook research for the British Insurance Brokers’ Association (BIBA), on the cost of regulation in the insurance sector. The analysis, based on survey data collected from insurance companies and brokers, found that regulatory costs amount to 5.2% of total premiums collected. This comprises 3.3% for insurance brokers and 1.9% for insurers, and the analysis covered personal and business products. The findings of this research highlight a significant opportunity for consumer benefits – specifically in the form of reduced premiums – by streamlining the existing regulatory regime while maintaining necessary protections.

This study for the FCA estimates the costs to consumers and SMEs from loss of access to cash and in-person banking services. Our research explored how these groups currently utilise these services and, crucially, how their behaviour would change if access were withdrawn. The study identified that access to in-person services is particularly important for certain vulnerable groups, including those on low incomes and the digitally excluded. Please see the technical report through the link below.

The uncertainties created by the COVID-19 pandemic posed serious risks to businesses and by extension to the trade credit insurance (TCI) market. To prevent the likely withdrawal of cover from the TCI market by insurers, the government launched the Trade Credit Reinsurance (TCR) Scheme. The scheme’s aim was to support UK businesses, to minimise reductions in economic activity and disruptions in supply chains, and to aid economic recovery following the pandemic. BEIS commissioned London Economics to conduct a process evaluation and interim impact evaluation of the TCR Scheme. The process evaluation assesses the effectiveness of the scheme and the processes adopted to deliver and operate the TCR Scheme, while the interim impact evaluation provides an indicative Value-for-Money (VfM) assessment and an assessment of the required quantitative data. As part of the analysis, lessons for future interventions of a similar nature were identified.

Non-transferable debt securities (NTDSs) – also known as ‘mini-bonds’ – are unlisted bonds and debentures issued by companies directly to retail investors.  Unlike listed retail bonds, mini-bonds cannot legally be sold onwards by the investor and must be held to maturity. When this study was commissioned by HM Treasury the issuance of mini-bonds was largely unregulated. In order to address the information gap on this market, London Economics was tasked with estimating the size and economic value of this market. Our study provided information on the customer’s understanding of the scale and structure of the mini-bond market in the UK, as well as how it had evolved in recent years. As part of the study, extensive consultations of financial sector experts and a range of mini-bond issuers were undertaken and the findings were cross-checked and validated against the findings from a desk-based literature review