Financial Conduct Authority (FCA) chief executive (CEO) Nikhil Rathi has set out the regulator’s role in a changing regulatory landscape, highlighting its shifting approach, as well as its commitment to “hyper vigilance” to protect the consumer including via its new Consumer Duty rules.
In a speech, delivered on Thursday (27 October) at Lord Mayor's City Banquet at Mansion House, Rathi said that an "upfront effort from firms in implementing the Consumer Duty should mean fewer new rules down the line". He also acknowledged that the "timetables are demanding" and said that the regulator aims to be "pragmatic" in its oversight of implementation. Given the rising cost of living, he said that the FCA remained "ever more vigilant to actors preying on consumers' vulnerabilities" and that it is intervening at its "fastest pace ever against problematic financial promotions, e...
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