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Paul Cullum

Paul is a manager at Frontier and leads work for clients in the retail and financial services sectors.  He helps international and UK companies and organisations to analyse the economics of their markets and act to gain competitive advantage or respond to regulatory pressure.  His clients include Tesco, Lloyds Banking Group and the Association of British Insurers.

Prior to joining Frontier in 2008, Paul was an Economic Advisor in the Government Economic Service with posts in HM Revenue and Customs advising HM Treasury on retail and transport taxes, and the Competition Commission.  Paul has three young boys and has developed expertise in the design of incentive schemes for improving behavioural outcomes.  He also has an MSc in Economics from University College London.



Paul has worked broadly across the retail sector helping companies to analyse and act on some of the major challenges facing the sector today.  Examples of his work include:

  • building a capability to manage variation in performance across a major retailer’s store network;
  • modelling individual customer profitability to improve decision making about customer relationship management; and
  • preparing an economic case to support a concessionaire in its negotiations with a major airport.

Paul also uses his experience of advising companies on commercial issues to support clients in dealing with regulators and competition authorities.  For example, he advises a high street retailer on the reform and revaluation of business rates, and a major retail employer on the impact of adopting the living wage in the UK.

Financial Services

Paul works mainly in retail financial services and has advised on all the main regulatory and competition challenges facing firms in the sector since 2008.  This includes leading work in the following investigations:

  • the Competition and Market Authority’s study into retail banking;
  • the audit of charges and benefits in legacy workplace pension schemes;
  • the Financial Conduct Authority’s study into cash savings;
  • studies by the Office of Fair Trading into cash ISA savings, barriers to entry and exit in retail banking and personal current accounts; and
  • the Independent Commission on Banking.

He has a deep understanding of the structural and customer conduct issues facing the sector including concentration, payments regulation, switching, and transparency.  He has been widely involved in analysing the evidence, developing arguments and helping clients to make their case.  He also helps clients with the application of behavioural economics to regulatory and commercial issues.