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New Consumer Duty will make it easier for people to switch, cancel and complain about products or services
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dailyrecord.co.uk
dailyrecord.co.ukFinancial services firms will have a new duty to put consumers at the heart of what they do under plans set out by the Financial Conduct Authority (FCA).
The City regulator said this will drive a culture change in firms, and senior managers will be held accountable. Firms will have to provide consumers with information they can understand, offer products and services that are fit for purpose and provide helpful customer service.
Under the higher standards, consumers should find it as easy to switch, cancel and complain as it was to buy the product or service in the first place.
The FCA said it has previously seen firms presenting information in a way that exploits consumers' behavioural biases, selling products or services that are not
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