The Financial Conduct Authority noted that in one month, the Consumer Duty regulation comes into force. For senior leaders, there’s a need to make sure that firms are complying.
“It’s crucial you’re asking the right questions and have clear oversight of implementation plans,” said Sheldon Mills, executive director for Consumers and Competitio at FCA, in an emailed statement. “The Duty presents a real opportunity for financial services. Not only do we expect the Duty to deliver higher standards and reduce consumer harm, but it should also increase trust and confidence, boost competition and innovation and mean firms face fewer rule changes in the future.”