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.
Image:

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 st...

To continue reading this article...

Join Professional Adviser

 

  • 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

Liz Truss is 32 points ahead of the former chancellor Rishi Sunak in the latest survey of Conservative party members.

Truss weighs plans to merge top financial regulators - reports

Financial regulation overhaul

clock 18 August 2022 • 2 min read
FCA accused of 'hanging investors out to dry' in Panorama documentary

FCA accused of 'hanging investors out to dry' in Panorama documentary

Focus on Blackmore Bond collapse

Jenna Brown
clock 17 August 2022 • 2 min read
Eleanor Palmer: What Consumer Duty means for paraplanners

Eleanor Palmer: What Consumer Duty means for paraplanners

'Indelible mark'

Eleanor Palmer
clock 16 August 2022 • 3 min read