Forbes Advisor quotes Gareth Mills on ‘Consumer Duty’
The Financial Conduct Authority (FCA), the UK’s financial regulator, is introducing ‘Consumer Duty’ requirements in the financial services market on 31 July 2023. These will require companies to “focus on supporting and empowering their customers to make good financial decisions”.
The FCA says that the Duty will help turn it into “a more assertive and data-led regulator” and expects a major shift in the financial services landscape that “will promote competition and growth based on high standards”.
Gareth Mills, Partner, comments for Forbes Advisor on what will be expected by companies:
“Consumers will have the right to expect clear and straightforward responses to their queries. This includes receiving pro-active engagement from their mortgage provider, bank and insurer on the products they have taken out, whether they would be better off switching to other products, and what represents fair value to them.”
Read the full article in Forbes Advisor here.
