A group of MPs have backed calls by the Financial Services Consumer Panel (FSCP) for firms to sign up to a 'fiduciary duty' under the new regulatory system.
The Financial Services Bill is currently in its committee stages, with MPs scrutinising the objectives of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), the successors to the Financial Services Authority. Calling for "genuine consumer protection" last year, the FSCP suggested an amendment to the Bill, saying "authorised persons should have a fiduciary duty towards the consumers who are their clients". The amendment has now been proposed by one Social Democratic and Labour Party MP and two Labour MPs, including shadow financial secretary to the Treasur...
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