In this episode of In Credit, A&O’s consumer finance team Joanne Owens, Victoria Ferres, Sophie Skeet and Mercy Hadfield discuss the Financial Conduct Authority’s recent proposal to introduce a “Consumer Duty.” The consultation paper is proposing firms provide a higher standard of care for consumers by asking themselves “would I be happy to be treated in the way my firm treats its customers”, or even “would I recommend my firm’s products and services to my friends and family?”
The goals and themes echo those of previous consultations papers from the FCA, including the treatment of vulnerable people which we discussed in a previous episode here, however the proposed measures could herald a “paradigm shift” in how business is conducted in the retail sector.
This episode will consider:
- the background to the paper
- the three elements of the Consumer Duty
- what this means for firms dealing with retail customers
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