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

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 regulator has said. Nikhil Rathi, chief ...

18 Jul 2023 at 11:34

Personal Finance

49% of people ‘have found information provided by banks hard to understand’

Nearly half (49%) of people say the information supplied by banks and financial services providers has been fairly or very difficult for them to understand, according to a survey. Some 44% of people surveyed said they have found the information ...

30 Mar 2023 at 00:01

Personal Finance

Firms must act now to deliver new consumer duty, says FCA boss

Firms must act now to prepare for a new consumer duty, a boss at the City regulator has said. Sheldon Mills, executive director of competition and consumers at the Financial Conduct Authority (FCA), told firms: “You still have time to deliver. ...

22 Feb 2023 at 13:00

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 Authority ...

31 Jul 2023 at 11:59

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 hold around £1.5 trillion in ...

31 Jul 2023 at 12:41

City

Neurodivergent people ‘being financially harmed by banks’

People with neurodivergences and mental health problems are being “financially harmed” by banks and other financial services firms, experts have said. It comes as the pressure is mounting for British financial firms to better ...

29 May 2023 at 00:01

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 ...

01 Sept 2023 at 00:01

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 rates will be required ...

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 fairness to customers”. ...

05 Aug 2023 at 01:57

Personal Finance

FCA requests information from financial adviser firms about consumer duty

The City regulator is collecting information from financial adviser firms about whether they have assessed their services in response to the new consumer duty, which requires businesses to put customers at the ...

15 Feb 2024 at 11:35

Personal Finance

Study to probe whether people who borrow to pay for insurance receive fair deals

A review into whether people who borrow to pay for motor and home insurance are receiving fair and competitive deals has been launched by the City regulator. The Financial Conduct Authority (FCA) announced a ...

16 Oct 2024 at 13:24

Personal Finance

Consumer duty applies to older ‘off-sale’ financial products from Wednesday

The next phase of a duty which puts obligations on financial firms to improve consumer protection standards gets under way from Wednesday. The date also marks a year since the consumer duty was launched by ...

30 Jul 2024 at 16:48

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