Introduction of Consumer Duty by FCA
In July 2021, the Financial Conduct Authority (FCA) in the United Kingdom proposed a new set of rules and regulations called the Consumer Duty. The Consumer Duty is designed to address issues of consumer protection in the financial industry by setting higher standards for companies that provide financial products and services. The FCA's proposal aims to ensure that firms prioritize the interests of their customers and treat them fairly. In this article, we will discuss the objectives, expectations, implications, positive and negative impacts, consequences, and the conclusion of the Consumer Duty.
