Concerns raised over FCA's 'woolly' consumer duty plans

'Little to no impact on firms already not meeting obligations'

clock • 4 min read
The regulator said its more developed proposals for new rules will tackle the causes of harmful practices.
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The regulator said its more developed proposals for new rules will tackle the causes of harmful practices.

The Financial Conduct Authority (FCA) has put forward a number of consumer duty proposals to drive a shift in the mindset of firms, however, some industry experts have raised concerns the plans remain "somewhat theoretical and woolly."

The plans are based on the regulator's concerns that some financial services firms do not work well for consumers. The regulator said the proposed rules would ensure a higher and more consistent standard...

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