The Financial Conduct Authority (FCA) has put forward a number of consumer duty proposals to drive a shift in the mindset of firms, however, some industry experts have raised concerns the plans remain "somewhat theoretical and woolly."
The plans are based on the regulator's concerns that some financial services firms do not work well for consumers. The regulator said the proposed rules would ensure a higher and more consistent standard of consumer protection for users of financial services and will tackle harmful practices. "Firms will have to provide consumers with information they can understand, offer products and service that are fit for purpose and provide helpful customer service," it said. Reaction from industry commentators was mixed. Tim Fassam, director of government policy and relations, said PIMFA was sl...
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