Driving a Fundamental Shift in Industry Mindset: The FCA's New Consumer Duty

The UK Financial Conduct Authority (FCA) is concerned that currently financial services do not always work well for consumers.

Through its previous interventions, the FCA has seen practices by some firms that cause harm.

In its most recent paper published on 7 December 2021, ‘A new Consumer Duty — Feedback to CP21/13 and further consultation’1 (CP21/36), the FCA is consulting on its latest plans to ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens.

The FCA also wants to drive a healthy and successful financial services system in which firms can thrive and consumers can make informed choices about financial products and services.

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