The new Duty to Consumer 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 companies, as well as many other types of businesses are required to put the needs of their customers first.
The timing couldnt be better. Amid the cost of living crisis, it is hoped the UKs new regulations will address the growing recognition by consumer groups that people cannot always solve the financial problems they face. Consumers are under pressure and need more support. However, trust in financial services is low: the FCA recently found that only 36% of adults in the UK think most financial service providers are honest and …
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