FCA opens Consumer Duty consultation to improve standards

The plans will ensure a "higher and more consistent standard of consumer protection" within financial services, it said, and help to prevent harm before it takes place.  According to the regulator, the consultation takes on board "feedback and engagement" with industry and consumer groups following initial proposals that were published in May 2021.  The new rules, it added, will require companies to focus on supporting and empowering their customers to make good financial decisions and avoid "foreseeable harm".  Customers are to be provided with easy-to-understand information by th...