Tom Baigrie: FCA must not repeat past mistakes with the Consumer Duty

“Commission is the root cause of good as well as bad, a bit like money itself.”

clock • 3 min read
"I fear they will make the same mistake as they have before and render it yet more ineffective red tape."
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"I fear they will make the same mistake as they have before and render it yet more ineffective red tape."

The Financial Conduct Authority (FCA) has a clear opportunity to identify and eradicate specific market abuses with the new Consumer Duty, but must avoid repeating the mistakes of the past, writes LifeSearch chairman, Tom Baigrie.

What the protection market does is a good thing. It's good for those who don't claim, for they have peace of mind in case they suddenly have to. In providing a financial safety net to those who do claim, during surely the very worst time in their lives, it does huge personal good. And as that financial support can mitigate one of the biggest disruptors of families - poverty - we do good for society as a whole. For the family is often seen as the building block of society, and for my money that...

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