A new consumer duty has come into force, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly ‘what it says on the tin’.
Overseen by the Financial Conduct Authority, the Consumer Duty sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs at the heart of what they do.
The impacts of the new duty will be far-reaching, weaving through the