New consumer duty rules introduced by the Financial Conduct Authority (FCA) aim to set clear standards for the protection of financial consumers. Banks, building societies, investment and insurance firms, as well as many other types of business, are being told to put their customers needs first.
The timing couldnt be better. Amid a cost of living crisis, the UK regulators new rules should hopefully address the increasing recognition by consumer groups that people cannot always solve the financial problems they face. Consumers are under pressure and need more support. Yet, trust in financial services is low: the FCA recently found that just 36% of UK adults see most financial providers as honest and transparent in how they treat customers…
Read the full article at: https://theconversation.com/how-new-consumer-duty-rules-for-financial-products-could-reduce-debt-related-stress-210169