Kevin Okell: Financial services or social services?

'FCA will have to acknowledge tension'

clock • 3 min read

Imagine walking into a Ford dealership, sitting in a few cars, struggling to get comfortable in the seats and being directed by the salesperson to the Volvo dealership down the road on account of their superior lumbar support, writes Kevin Okell, pointing out it is not a very realistic scenario. Yet this is what he believes the FCA is essentially asking some providers to do …

In the blue corner we have the champions of consumer protection. From the original Treating Customers Fairly (TCF) principles to the 2018 discussion paper on a Duty of Care and now the latest guidance consultation on vulnerable customers, the FCA is taking a growing interest in how best to deliver on its obligation to protect consumers. In a further litmus test of regulatory attention, the level of fines related to treatment of customers has also been on the rise, with more than half of the value of 2018 fines citing unfair treatment of customers in the judgement. In the red corner are t...

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

Navigating FCA skilled person reviews, remediation, and past business reviews

Navigating FCA skilled person reviews, remediation, and past business reviews

Risk of s166 review has 'never been more significant'

Marjolaine Quirke
clock 05 February 2026 • 2 min read
FOS complaints at lowest level in two years

FOS complaints at lowest level in two years

‘The data points to a system in transition rather than recovery’

Jenna Brown
clock 05 February 2026 • 3 min read
Why firms should prepare for the Consumer Duty to be loosened

Why firms should prepare for the Consumer Duty to be loosened

'The pressure to act is growing not just from industry, but from politicians too'

Justin Cash
clock 04 February 2026 • 4 min read