The FCA has outlined the measures it will take to protect consumers and sets out when and how the organisation takes action. The Approach to consumers document published sits alongside a new discussion paper on a Duty of care and taken together are intended to ensure there are no gaps in protection for consumers in the financial sector.
The discussion paper explores if there is a need for a specific duty of care requirement for firms in financial services. It explores if a new duty of care could enhance good conduct and culture and provide additional protections for consumers.
If changes are required the paper asks what those changes could look like and what the impact would be for consumers, firms and the FCA. It also explores what the possible alternative approaches to a new duty might be.
The Approach to Consumers sets out the FCA’s expectations, first published for consultation in 6 November 2017, on how consumers should be treated by financial firms and where the FCA will intervene if things are going wrong. It gives a further insight into the wide range of powers the FCA has at its disposal to ensure consumers are protected, particularly some of the most vulnerable people in society.
The paper sets out the FCA vision of what a well-functioning market looks like, when and how the FCA will act to protect consumers, and its policy positions on key issues.
The Financial Conduct Authority is asking stakeholders for comments on the Duty of care paper by 2 November 2018.
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