Which? responds to FCA plans to introduce new consumer duty for financial services firms

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 proposals for a new duty that puts consumers at the heart of what businesses do have the potential to be hugely significant.

“If these measures are implemented properly, firms will have to be clear about the outcomes they deliver and be held to account where they fail to do so. The regulator must closely monitor whether the new duty is truly resulting in a shift in behaviour from firms and be ready to take action where consumers are still getting a bad deal.”

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