Several financial advocates and regulators have argued forcefully for simplicity in the design and pricing of financial products so that customers can fully comprehend what they are buying and can compare multiple pricing options across different providers. This focus on simplicity intensified after the 2008 global financial crisis which exposed the world to complex financial products and their supposedly inherently harmful nature, directly leading to, for example, the creation of the Consumer Financial Protection Bureau (CFPB) in the US. In light of these events, simplicity in the design of financial products and services have become inextricably linked to the regulators’ view of customer protection.
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