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

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 applies whether we are protecting a family of one person or many. That's a lot of good! W...

To continue reading this article...

Join COVER for free

  • 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.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA partners with international regulators on 'rogue' finfluencers

FCA partners with international regulators on 'rogue' finfluencers

Crackdown on illegal financial promotions

Isabel Baxter
clock 06 June 2025 • 3 min read
FCA updates Enforcement Guide

FCA updates Enforcement Guide

Adds to ‘name and shame' proposals

Jenna Brown
clock 03 June 2025 • 2 min read
Consumers have low trust, satisfaction and engagement with life insurance: Broadstone

Consumers have low trust, satisfaction and engagement with life insurance: Broadstone

FCA Financial Lives survey 2024

Cameron Roberts
clock 03 June 2025 • 2 min read