MPs Mull Plan To Allow FCA To Make Banks Aid Customers

Law360, London (May 13, 2019, 4:34 PM BST) -- The Financial Conduct Authority should be given the power to force banks and insurers to act in the interests of their customers if the watchdog cannot prevent misconduct, an influential parliamentary committee said Monday, as it seeks to clamp down on misselling of financial products.

The House of Commons Treasury Committee said it would support a new “duty of care” requirement that would place a legal obligation on regulated lenders to act in the best interests of their customers. Finance companies should always offer the best products and services to customers, the cross-party panel said — there is currently no legal...

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