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UK FCA Warns Firms to Take Consumer Duty Seriously

UK FCA Warns Firms to Take Consumer Duty Seriously

by Starling Insights

Starling Insights Editorial Board

Feb 10, 2023

Observations

UK FCA UK Consumer Protection Outcomes-Based Regulation Regulatory Trends

In a recent speech, Therese Chambers, director of consumer investments at the UK Financial Conduct Authority (FCA), warned firms offering investment services and financial advice to take the impending customer duty seriously. Introduced in 2021 and finalized in 2022, the consumer duty will require firms to focus on supporting customers in making good financial decisions and avoiding foreseeable harm at every stage when it comes into full effect this summer.

"The consumer duty is a watershed moment and a key priority for the FCA, we are looking for a fundamental change in firms' approaches to ensure the best client outcomes, not just technical compliance," Chambers said.

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