'A focus on price at the expense of value will undermine the objectives of the Consumer Duty': Industry reacts to final rules

The new rules, which come into effect on 31 July 2023 for new and existing products and services currently on sale, will improve how firms serve consumers by requiring them to act to deliver better outcomes, according to the regulator. While the Personal Finance Society (PFS) welcomed the FCA's outcome-based regulation, it pointed to the concerns of some firms that such regulation "may leave them with responsibilities for outcomes over which they do not have complete control," according to Matthew Connell, director of policy and public affairs, PFS. He added: ""The FCA needs to be spe...