FCA Floats New 'Consumer Duty' In Bid To Drive Up Standards

By Martin Croucher (December 7, 2021, 12:30 PM GMT) -- The Financial Conduct Authority said on Tuesday that it wants to introduce sweeping new rules that place a new requirement on all regulated companies to act in the best interests of consumers.

The FCA has said it hopes the rulebook will raise standards in the finance sector and "fundamentally shift the mindset" of company bosses. (iStockPhoto/Davide Gandolfi) The watchdog said it hopes the new rulebook, which it will probably implement from April 2023, will raise industry standards and "fundamentally shift the mindset" of bosses at lenders, insurers and other finance firms.

The package of measures is being rolled out after the FCA...

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