The Financial Conduct Authority (FCA) will “act swiftly and assertively” and take “robust action” against firms who ignore Consumer Duty, it’s executive director of consumers and competition has warned.
Speaking today, (10 May) Sheldon Mills said the regulator will prioritise the most serious breaches of its new regulation and not shy away from disciplinary sanctions where necessary. Mills reiterated that the watchdog's supervisory and enforcement approach will be "proportionate to the harm - or risk of harm - to consumers" as well as having a "sharp focus on outcomes". "We will act swiftly and assertively where we find evidence of harm or risk of harm to consumers," he added. "In some cases, firms can expect us to take robust action, such as interventions or investigations, along w...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- 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.
