28 July 2022

New Consumer Duty released by FCA

Written By FinTech Alliance in Regulation

New Consumer Duty released by FCA

The Financial Conduct Authority (FCA) has announced it will roll out a new Consumer Duty.

In Brief: 

Consumer Duty will apply to banks and financial institutions. 

It will require them to strengthen their consumer protection efforts. 

They must detail policies in a manner that is clearer and easier to understand, eliminate additional charges and make switching easier.

What does this mean? 

The roll-out of the new Consumer Duty will mean that banks need to adapt a lot of their services to make things clearer and easier to understand for consumers, while ensuring their interests are protected. The Duty has moved through consultation stages and the FCA says that in the current economic climate it is important for banks to help customers make “good financial decisions”. The aim of the Duty is to “raise the bar” in preventing consumer harm and promotion competition in financial services. 

Read more here. 

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Regulation

Qatar Central Bank launches express sandbox

30 May 2024

The express sandbox is an expedited programme

FCA calls for “robust frameworks” to detect fraud and support victims

10 November 2023

The UK’s Financial Conduct Authority (FCA) has called for stronger ...

Seedrs licenced under new EU authorisation

25 October 2023

Private investment platform Seedrs is now authorised under new EU ...

Binance stops accepting new UK customers

17 October 2023

Binance has stopped accepting new users in the UK while ...

White Papers Regulation

House of Lords: The UK-EU Relationship in Financial ServiceS

30 June 2022

The UK financial services sector is of vital importance to the UK economy as a whole, employing 2.3...

White Papers Regulation

Jumio: Anti-money laundering regulations in 2022

16 March 2022

With the increased global focus on anti-money laundering (AML) and countering the financing of terro...

Articles Regulation

The Future of Regulation 2022

24 February 2022

The fire for innovation in financial services has long been raging, and regulators, having transform...

White Papers Regulation

Regulation of Buy-Now Pay-Later

01 December 2021

Consumer credit has been regulated in the UK since the Consumer Credit Act (CCA) was passed in 1974....

There are no Events in this category