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 ...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Insurer

CII warns restricted cover can damage consumer trust

CII warns restricted cover can damage consumer trust

“Consumers want confidence that the insurer will pay out”

Hemma Visavadia
clock 09 August 2022 • 1 min read
Holloway Friendly offers cost of living pause option

Holloway Friendly offers cost of living pause option

For up to six months

Hemma Visavadia
clock 05 August 2022 • 1 min read
Phoenix Group to acquire Sun Life UK for £248m

Phoenix Group to acquire Sun Life UK for £248m

Closed book UK life company

Jenna Brown
clock 04 August 2022 • 1 min read