FCA opens Consumer Duty consultation to improve standards

Based on proposals published in May

clock • 2 min read
FCA opens Consumer Duty consultation to improve standards

The FCA has set out more developed proposals for rules to tackle the causes of harmful practices within financial services in a consultation.

The plans will ensure a "higher and more consistent standard of consumer protection" within financial services, it said, and help to prevent harm before it takes place. According to the regulator, the consultation takes on board "feedback and engagement" with industry and consumer groups following initial proposals that were published in May 2021. The new rules, it added, will require companies to focus on supporting and empowering their customers to make good financial decisions and avoid...

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