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FCA Warns Firms to Comply with Consumer Duty

FCA Warns Firms to Comply with Consumer Duty

by Starling Insights

Starling Insights Editorial Board

May 17, 2023

Observations

Consumer Protection UK FCA UK Outcomes-Based Regulation Regulatory Trends

The Financial Conduct Authority(FCA) recently warned companies that are not ready for the impending Consumer Duty after discovering shortcomings in plans for implementing the landmark reforms. According to Sheldon Mills, the FCA's executive director of consumers and competition, firms "can expect [the FCA] to take robust action, such as interventions or investigations, along with possible disciplinary sanctions."

"We will prioritise the most serious breaches and act swiftly and assertively where we find evidence of harm or risk of harm to consumers," said Mills.

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