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Context
The FCA has published a short video by Sheldon Mills (the FCA’s Executive Director, Consumers and Competition) in which he outlines the principles behind the Consumer Duty and highlights the important role data plays in testing whether firms are achieving good outcomes for customers.
Key points to note and next actions
The key messages are:
- The prize is huge if the financial services industry gets Consumer Duty right.
- It is important that the Duty is an outcomes-based form of regulation.
- The FCA wants to see firms embed the Duty and deliver good outcomes for their customers.
- The FCA wants customers to understand their products and services, and to know that they are getting good value from their services,
- Data is key to testing whether firms are achieving good outcomes for their customers.
- The FCA wants to see competition and innovation flourish.
- Growth and competitiveness come as a result of firms applying the Duty.
- The FCA would like to see almost all individuals in the UK having confidence and trust in the financial services industry.