FCA told levels of harm to consumers are too high

'One-size-fits-all solution unlikely'

Tom Ellis
clock • 2 min read

The FCA has been told that levels of harm to consumers are "high" and change should be implemented to better protect people.

The feedback comes after the FCA published a consultation paper on its duty of care to consumers. The regulator said it had "a responsibility to consider alternative approaches that might address stakeholder concerns". Some respondents to the consultation told the FCA its current regulatory approach encouraged firms to "tick boxes" and wait to be "found out" by the watchdog, rather than making an informed evaluation to see what would be best for consumers. FCA's Bailey eyes 'lower burden' regulatory regime post-Brexit The FCA also said a number of stakeholders believed real change ...

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