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Financial firms breaching UK consumer duty warned of 'robust' action including disciplinary sanctions

By Fiona Maxwell ( June 9, 2023, 15:02 GMT | Insight) -- Financial firms causing harm to UK customers can expect swift intervention and enforcement when the Financial Conduct Authority's new consumer-duty rules come into force at the end of July, the regulator's consumer policy chief said today. Sarah Montgomery outlined disciplinary sanctions, requests to see how firms are monitoring their compliance, and a focus from day one on specific products or sectors that may potentially be causing harm.Financial firms causing harm to UK customers can expect swift intervention and enforcement by the sector regulator when its new consumer-duty rules come into force next month, an official said today....

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