Consumer Duty is 'watershed moment' for firms: FCA

At the conference, held yesterday (31 January), the Financial Conduct Authority (FCA) director of consumer investments Therese Chambers said that the regulator was looking for a more substantive approach from firms as they evidence and document their work for consumers. "The Consumer Duty is a watershed moment and a key priority for the FCA, we are looking for a fundamental change in firms' approaches to ensure the best client outcomes, not just technical compliance," said Chambers. Firms were warned they should not consider Consumer Duty to be a "re-expression of Treating Customers F...