The new Consumer Duty regulation should help advice firms to attract new clients as well as boost client retention, the Financial Conduct Authority (FCA) says.
In a speech today (10 May) the regulator's executive director of consumers and competition Sheldon Mills explained the upcoming regulations should impact client numbers positively. "If applied correctly by firms, the Consumer Duty should help retain and attract customers," he stated. "It will [also] enhance the competitiveness of our financial services sector." Mills added the work undertaken by firms to implement the Duty would also help boost the competitiveness of the sector. "Firms have to think harder about innovating and competing to find better ways to serve customers," he s...
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