A new Consumer Duty comes into force on July 31, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly ‘what it says on the tin’.
Overseen by the Financial Conduct Authority (FCA), it sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs at the heart of what they do.The impacts of the new duty will be far-reaching, from the design of financial products through to the way firms treat their customers.
Over time, it is hoped the duty will improve trust and confidence in financial services and it could help prevent rip-offs, unexpected charges, and potential future mis-selling scandals from happening in the first place.Under the duty, firms will have to provide products which are fit for purpose, offer fair value and work as the customer expects.
The duty could also potentially help prevent people from being sold unnecessary ‘add-ons’ to financial products, stopping them from wasting money.
Read more on dailyrecord.co.uk
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