This week saw the introduction of the UK Financial Conduct Authority’s (FCA) new Consumer Duty, which is designed to improve consumer confidence and customer service in the financial sector, in what has been described as its biggest overhaul in two decades.
Under the FCA’s Consumer Duty, companies operating in or supplying financial services to the UK face fresh legal requirements to operate in a manner that prioritises customer needs, delivers fair value and ensures customers receive good outcomes, regardless of their individual financial expertise or biases.
It covers four areas where the Consumer Duty has detailed expectations for how financial services providers operate. These are:
- Governance of products and services
- Price and value
- Consumer understanding
- Consumer support
FXC Intelligence’s data and expertise can help your company comply with these new regulations. Talk to us to find out how we are helping other banks and payment companies meet their Consumer Duty requirements.