Last year, the Financial Conduct Authority (FCA) published guidelines for its new Consumer Duty that sets clearer and higher expectations for firms’ standards of care towards consumers. With the immediate deadline of 30 April fast approaching, firms must establish new routines and complete their review of existing products.
All financial companies should have a responsibility to sell their goods and services in a transparent and accountable way. It’s not so long since the PPI mis-selling scandal exposed fundamentally dishonest behaviour designed to extract money from consumers for reasons against their interests.
Although those institutions eventually paid a price, it was a stark reminder of corporate malpractice on a grand scale. As a result, the FCA introduced a range of reforms aimed at improving consumer protection and increasing transparency in the financial services sector.
To find out more, read the rest of this article by Protecht's Ryan Knapton in the latest edition of Finance Derivative magazine:
