Article preview: Regulated financial services firms have to follow a series of rules and principles from the Financial Conduct Authority (FCA). The FCA now wants to introduce a new principle, the Consumer Duty, to set a higher level of consumer protection in retail financial markets. Businesses in this sector are already bound by the principle to treat customers fairly. Still, the FCA is citing some evidence of practices that cause consumer harm, including firms providing information that is misleadingly presented or challenging to understand.
New Consumer Duty to improve consumer protection
This 479-word blog post looks at the FCA consultation to introduce a new Consumer Duty to the principles regulated firms must follow. Written on 14th May 2021.
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