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UK retail financial institutions should follow new consumer duty or face action, FCA says

( May 14, 2021, 08:43 GMT | Official Statement) -- MLex Summary: Retail financial firms should put themselves in their customers’ shoes when selling goods and services, the UK’s Financial Conduct Authority said today as it set out proposals on a new consumer code. The FCA’s proposed consumer duty is in response to evidence of practices that cause consumer harm, including providing misleading information. Institutions will have to follow the code or face regulatory action, including enforcement investigations.Statement follows. Consultation paper attached....

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