FCA to introduce consumer duty to drive “fundamental shift” in industry mindset
The regulator has launched a consultation on the duty, which was first flagged in May this year, as it seeks to increase consumer protection and tackle harm.
The Financial Conduct Authority (FCA) has stated it will introduce a consumer duty in order to drive a “fundamental shift” in the mindset of financial services firms.
The regulator explained that it was concerned that currently financial services did not always work well for consumers.
It argued that the new plans, outlined in a consultation paper published today (7 December), would ensure a higher and more consistent standard of consumer protection for users of financial services and help
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