Financial services firms will have a new duty to put their customers’ needs at the heart of what they do, under plans being set out by the Financial Conduct Authority (FCA).
The regulator stated that the new consumer duty will lead to a major shift in financial services, fundamentally improving how firms serve customers. It includes a consumer principle that “a firm must act to deliver good outcomes for retail customers”.
Firms are being given 12 months to implement the rules for new and existing products and services that are currently on sale.
