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Financial services companies must improve proof of fair value to meet UK consumer-duty rules, FCA finds

( May 10, 2023, 09:08 GMT | Official Statement) -- MLex Summary: Financial services companies need to make improvements in how they assess whether their products are offering fair value, in order to meet the UK’s consumer-duty rules that will take effect in less than three months’ time, the regulator said today. The Financial Conduct Authority found in a review that “many firms” are making “substantial efforts” in implementing the consumer duty, but firms need to do more to prove they are offering fair value to consumers, and better steps identified to remediate any issues. Sheldon Mills, the FCA’s executive director for consumers and competition, said the regulator would take action where necessary.Statement follows. Review and speech attached....

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