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Today the Financial Conduct Authority introduced plans that will ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens.
Mark Turner, Managing Director, FSCR at Kroll, comments on the FCA’s new Consumer Duty consultation:
“Today’s consultation is a clear statement of intent from an FCA determined to deliver real and meaningful change. The regulator has, often with some justification, been criticised for not intervening earlier where consumers are suffering harm, but plans under the Consumer Duty look to address this.
Firms should digest the contents of this paper as they consider how they might need to change their documentation, financial promotions and engagement with consumers. Whilst the FCA is currently proposing that firms will have until 30 April 2023 to fully implement the Consumer Duty, firms and their boards will be expected to plan ahead so that changes can be made smoothly, considering the impact they may have on the firms and their customers.
This in an important area of focus for the FCA, and there is an opportunity for the sector to demonstrate how it supports consumers as their needs change through their lives, and to be seen as a force for good.”
