FCA to speed up consumer redress

Jenna Towler
clock

Consumers who have suffered financial harm will be compensated quicker through the Financial Conduct Authority's (FCA's) enforcement process.

In a paper released this morning, the regulator said enforcement would play a key role in its desire to identify potential problems at an earlier stage - and take steps to avert them. Journey to the FCA said the watchdog would act where it considered "that particular aspects of a firm's business model or culture - such as its product selection, training and recruitment or remuneration practices - are likely to harm consumers". It also promised to put more emphasis, at an earlier stage, "on securing redress where consumers have suffered harm". It said the new approach had already be...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA enforcement to become 'assertive, proactive and intrusive'

FCA enforcement to become 'assertive, proactive and intrusive'

‘You can expect the regulator to take robust action where needed’

Isabel Baxter
clock 29 February 2024 • 2 min read
FCA: 'Huge opportunity for firms to shape the advice sector'

FCA: 'Huge opportunity for firms to shape the advice sector'

Kate Blatchford-Hick calls on firms to embrace the regulator’s proposals

Sahar Nazir
clock 09 February 2024 • 2 min read
New era for workplace pension governance as TPR overhauls practices

New era for workplace pension governance as TPR overhauls practices

The regulator’s long-awaited general code of practice has been published

Hope Coumbe
clock 11 January 2024 • 1 min read