Rocio Concha, Which? Director of Policy and Advocacy, said:
“There are too many instances where the financial services market does not meet consumer needs or provide customers with adequate protection, so we are pleased that the Financial Conduct Authority has confirmed that it will introduce a new duty to raise standards and place consumers at the heart of what businesses do.
“Strong consumer protections are always needed, but at a time when household budgets are being squeezed by a cost of living crisis, they are even more essential.
“The financial industry must get on board with these new protections, and firms that are in a position to do so now shouldn’t wait for them to be formally introduced to deliver positive change for consumers. Where businesses fail to meet the new rules, the FCA must stand ready to impose tough penalties.”