All the updated news related to consumer duty

All the news related to consumer duty updated in real time

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Personal Finance

New consumer duty for firms ‘will lead to major shift in financial services’

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 City regulator on Wednesday. The Financial Conduct Authority (FCA) said the new consumer duty will lead to a ...

27 Jul 2022 at 01:01

Personal Finance

Financial services companies must have consumer duty in place from July 2023

A new consumer duty requiring financial services firms to put their customers’ needs first will come into force from July next year. The duty will set higher and clearer standards of consumer protection, the Financial Conduct Authority (FCA) said....

27 Jul 2022 at 10:28

Personal Finance

Only buy a pre-paid funeral plan from an authorised provider, says watchdog

People considering buying a pre-paid funeral plan should check a list of authorised providers, the City regulator has urged. The Financial Conduct Authority (FCA) took over regulation of the sector from Friday and will hold firms to new high ...

29 Jul 2022 at 10:43

Personal Finance

City regulator analysing savings providers’ ‘fair value’ assessments

The City regulator says it is analysing information provided by some banks and building societies on the value offered by their savings products. It follows the introduction of the new Consumer Duty in July, which requires firms to ensure ...

01 Sept 2023 at 00:01

Personal Finance

New consumer duty sets higher and clearer standards for financial firms

A new consumer duty has come into force, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly “what it says on the tin”. Overseen by the Financial Conduct ...

31 Jul 2023 at 11:59

Personal Finance

What does the new consumer duty mean for financial firms’ customers?

A new consumer duty has come into force, setting new standards for financial firms to follow. Here is a look at how the duty works and what it will mean for customers: – What has happened? On Monday, the Financial Conduct ...

31 Jul 2023 at 09:17

Personal Finance

Some insurance customers ‘left in the dark over why a claim has been rejected’

Concerns that some insurance customers are being left in the dark over why their claim has not been fully accepted have been raised by Which? The consumer group commissioned a survey of thousands of car and home ...

26 Jul 2023 at 00:01

Personal Finance

7.4m people ‘have made failed attempts to contact financial services providers’

An estimated 7.4 million people tried – but failed – to get hold of their financial services providers in the year to May 2022, according to the City regulator. The Financial Conduct Authority (FCA) took the ...

25 Jul 2023 at 22:30

Personal Finance

Savings providers must keep customers informed about available rates – watchdog

Savings providers will have to make sure customers are kept adequately informed of available interest rates and consider additional switching support for groups who could be better off, the head of the City ...

18 Jul 2023 at 11:34

Personal Finance

£250bn in savings held in accounts which earn no interest

The Financial Conduct Authority (FCA)’s cash savings market review has put providers and the rates being offered under the spotlight. Here are some of the review’s key findings: – Consumers collectively ...

31 Jul 2023 at 12:41

Personal Finance

Action plan to ensure savers are offered fair value drawn up by regulator

A 14-point action plan to make sure banks and building societies are passing on interest rate rises appropriately to savers has been set out by the City regulator. Firms offering the lowest savings ...

31 Jul 2023 at 13:11

Personal Finance

Bank of England governor backs regulator plan to ensure ‘fairness’ for savers

The governor of the Bank of England has backed the City watchdog’s action to ensure interest rate rises are passed appropriately to savers, saying a failure to do so “raised a question about ...

05 Aug 2023 at 01:57

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