BIS paper: banks may harm customers through ‘steering’

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Banks may be able to benefit from “steering” their customers towards certain products, but this can harm people’s welfare, a working paper published by the Bank for International Settlements finds.

The cost of steering in financial markets: evidence from the mortgage market analyses steering by Italian banks. Steering can take many forms – it might be as simple as explaining a complex financial product, but it could also involve shrouding some aspects of a product to distort a customer’s choice

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