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UK FCA Warns FinTechs on Consumer Duty

UK FCA Warns FinTechs on Consumer Duty

by Starling Insights

Starling Insights Editorial Board

Apr 06, 2023

Observations

UK FCA UK Consumer Protection Culture & Performance Culture & Consequences

In a recent letter, Matthew Long, the UK Financial Conduct Authority's (FCA) Director of Payments & Digital Assets, warned the chief executives of payments firms to improve their culture and controls to avoid repercussions ahead of the new Customer Duty. The Duty, which comes into effect in July, demands that firms act to deliver good outcomes for retail customers.

Long asserted that the new rules will "require a significant shift in culture and behavior" for many businesses. However, the work will also benefit firms, Long argued, as achieving better outcomes will improve trust and ultimately allow the industry to grow and innovate.

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