Fair price and value are most challenging outcomes of Consumer Duty: FCA

Many firms have already made “great progress”

Jaskeet Briah
clock • 3 min read

The most challenging outcomes of the Consumer Duty for firms to meet is that of fair price and value, according to the Financial Conduct Authority (FCA).

Sheldon Mills, executive director of consumers and competition, FCA, said the regulator does not want firms waiting to see if the FCA will intervene to address an issue and it wants to see Consumer Duty embedded across every firm at every level, with leadership from boards. "We do not set prices: Our job is to make sure that markets can work well. They can't if products and services fail to offer fair value, or if they offer features that lead to foreseeable harm," Mills said. Meanwhile, Mills said that many firms have already made "great progress" on Consumer Duty. One third (37%)...

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