UK financial services firms evading ‘consumer duty’ can expect action, regulator says
By Fiona Maxwell ( May 10, 2023, 10:22 GMT | Insight) -- Financial services firms can expect swift and robust action if they fail to prioritize consumers when a new policy comes into force in less than three months' time, an FCA executive said today. In a review published today, the regulator found that more work needs to be done by firms to assess what constitutes fair value.A senior UK financial regulator has warned the industry of supervisory action proportionate to any harm they cause consumers, months before a new wide-ranging set of rules is due to take effect....
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