| Links: What firms and customers can expect from the consumer duty and other regulatory reforms | FCA |
Context
Sheldon Mills, FCA Executive Director, Consumers and Competition, delivered a speech at the Consumer Protection in Financial Services Summit covering Consumer Duty and other Regulatory reforms.
Key points to note
- Consumer Duty is a significant shift, for firms and the FCA and it is also an opportunity. Consumer Duty provides a fairer basis for competition and the flexibility of an outcomes-focused, rather than prescriptive, approach and it will provide a boost to growth and innovation.
- The Consumer Duty comes at a challenging time for consumers and the wider economy. While the duty is not yet in force, firms should be stepping up now to support customers in these straitened times and ensure customers get good outcomes.
- Boards and senior management have a critical role in overseeing firms’ implementation of the Consumer Duty and the FCA is committed to working closely with industry during the implementation period and beyond to get this right.
Next actions
None – for information and awareness.