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FCA to introduce new consumer duty

The new laws will assist in combating harmful activities include financial service providers presenting information in a way that exploits clients’ behavioural biases, offering unfit-for-purpose products or services, and providing poor customer service.

By strengthening standards and assisting businesses in getting products and services right the first time, the FCA hopes to “create a fundamental shift in industry attitude.”

Firms will have to focus on assisting and empowering their clients to make sound financial decisions and avoid foreseeable harm throughout the customer relationship as a result of the new laws.

Customers will expect businesses to supply them with information that they can understand, as well as products and services that are appropriate for their needs. They will also expect businesses to deliver helpful customer service.

The FCA plans to confirm any final rules by the end of July 2022, following a consultation period that will last until February 15, 2022.

Sheldon Mills, Executive Director of Consumers and Competition at the FCA, said:

‘Making good financial decisions is vital to financial well-being and trust, but too often consumers are not given the information they need to make good decisions and are sold products or services that do not offer the benefits they might expect. We want to change that.

‘We’ve been working to set a higher standard for firms, to put more of the onus on them to act in their customers’ interests and get their products and services right.’

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