28 July 2022

New Consumer Duty released by FCA

Written By FinTech Alliance

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 ...
05 August 2022

Wirex launches credit product in UK

 Crypto and payments business Wirex has expanded its credit offering ...

05 August 2022

UK Parliament opens crypto sector inquiry

The All Party Parliamentary Group (APPG) for the UK Crypto ...

05 August 2022

Revolut offers 22 new cryptocurrencies

UK FinTech Revolut is broadening out its crypto offering with ...

04 August 2022

Techstars accelerator programme to have Web3 theme

Techstars has partnered with Polygon to deliver a Web3 themes ...

More in Regulation

UK Parliament opens crypto sector inquiry

05 August 2022

The All Party Parliamentary Group (APPG) for the UK Crypto ...

European Banking Authority warns talent shortage will impact crypto regulation

02 August 2022

The EBA has warned that a lack of regulatory talent ...

FCA focuses on misleading investment advertisements

02 August 2022

The FCA has increased regulation around misleading high-risk consumer investment ...

Singapore regulator says crypto “on the right path”

27 June 2022

The Monetary Authority of Singapore has said that “the future ...

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....

The Future of UK Financial Services Regulation Summit

The Future of UK Financial Services Regulation Summit

27 September 2022

09:00 AM - 05:00 PM

Central London

Free