FCA Consumer Rules Put Pressure On Bosses, Lawyers Say
By Alex Davidson (July 27, 2022, 5:38 PM BST) -- The Financial Conduct Authority has put senior managers' accountability at the heart of its landmark Consumer Duty regulation, which will require finance companies to actively ensure that their practices produce favorable results for consumers and protect them from financial harm.
Boards will be required from 2023 to sign off an annual statement covering outcomes that their firm will need to change to benefit consumers. Businesses affected by the regulation — high street banks, financial advisers — are also being called on to appoint a board-level champion for overseeing the process.
Regulatory lawyers see the shift to protect consumers from rip-offs, misleading advice and...
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