The Financial Conduct Authority (FCA) has confirmed its plans to bring in a new Consumer Duty, with the aim of improving how firms serve consumers. It will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. Member firms will have 12 months to implement the requirements.
AFEP are attending a briefing with the FCA in September and we will be updating members after that to produce meaningful guidance for implementation.
In the meantime members are advised to read the guidance published by the FCA