Regulatory Alerts2021-05-10
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CP21/13: A new Consumer Duty
The UK Financial Conduct Authority proposes a new Consumer Duty to establish clearer and higher standards of care for firms providing retail financial services. This regulatory package comprises a new Consumer Principle, Cross-cutting Rules, and Four Outcomes covering communications, products, customer service, and price value. The initiative aims to prevent consumer harm by requiring firms to design fit-for-purpose products, ensure fair value, and actively enable consumers to achieve their financial objectives.
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