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UK FCA Shares Plans for New Consumer Duty, Will Aim to Offer Greater Consumer Protection for Retail Financial Markets
The
UK’s Financial Conduct Authority (FCA) has shared plans for a new
Consumer Duty, which will aim to provide a greater level of consumer protection for retail financial markets for companies to follow.
UK companies are currently required to adhere to FCA guidelines and various requirements to treat clients fairly and many local businesses have reportedly been delivering the appropriate outcomes for consumers, such as quality products and services at reasonable prices, complemented by high standards of customer service and effective communications.
14
th May 2021 11:48 am
The Financial Conduct Authority (FCA) has set out plans for a new consumer duty to improve culture in retail financial markets.
A consultation published today is the latest action the FCA is taking to tackle consumer harm and help vulnerable clients.
The update said firms are already bound by FCA rules and principles to treat customers fairly with many firms delivering the right outcomes for consumers.
But the FCA also said it has seen evidence of practices that cause consumer harm, including firms providing information which is misleadingly presented or difficult for consumers to understand.
It added this may provide some insight into why 1 in 4 respondents to the FCA’s 2020 Financial Lives Survey said they lack confidence in the financial services industry.
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