Disappointed FCA warns brokers on consumer harms
The Financial Conduct Authority has written to brokers warning there are significant risks of potential harm that both the market and individual firms need to address and that it will take action where needed.
In the letter dated 25 May director Matt Brewin reported: “We continue to believe that the most significant risk of harm in the portfolio is through customers buying unsuitable or poor value products, we frequently see examples of harm caused by mis-selling, where firms lack customer-centric cultures and where consumer outcomes have not been appropriately considered.”
Brewin noted that the watchdog was still also seeing “ineffective governance and control arrangements”.
He stressed that the
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