The Financial Conduct Authority (FCA) is seeking to determine what approach platforms are taking to align themselves with the values of its Consumer Duty regulation.
The regulator wrote in a letter yesterday (13 July) to investment platforms that it is looking to understand how they have considered their approach in view of the upcoming rules.The question was: "Has the firm reviewed its approach to the retention of interest in the light of the Consumer Duty?" Around 30 platforms have been given just a few days before the Consumer Duty deadline to respond to the FCA's letter. They are required to respond by 27 July. The question comes amid a wider host of questions platforms were asked regarding cash margins. Platforms were also questioned as to...
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