Tag: Consumer Duty
One year on: How has Consumer Duty impacted the industry?
On July 31 last year, the long-awaited Consumer Duty legislation came into effect in the UK, following months of preparation and industry attention.
How the Consumer Duty has reshaped financial services in its first...
The Consumer Duty, introduced by the FCA, has notably heightened consumer protection standards within the financial services sector.
FCA calls for stricter yet fairer treatment of politically exposed persons
The Financial Conduct Authority (FCA) has recently mandated that financial institutions, including banks, payment firms, and lenders, enhance their protocols to ensure fair treatment of politically exposed persons (PEPs).
FCA keeps trading apps under review over gaming concerns
The FCA has published findings from a study which indicates the use of digital engagement practices (DEPs) by trading apps can influence user behaviour,...
Do banks and building societies have their customers’ best interests at...
Research conducted by NTT DATA UK&I has found 46% of people do not believe their banks or building societies have their best interests at heart.
FCA unveils new Consumer Duty plan to boost savings interest rates
The UK FCA has announced its first actions under the new Consumer Duty rules, outlining a 14-point plan aimed at enhancing cash savings interest rates.
FCA Consumer Duty Countdown: Are firms ready?
The final deadline for compliance with the UK Financial Conduct Authority's (FCA) new Consumer Duty is swiftly approaching in July 2023. The regulatory agency has been actively providing guidance, conducting multi-firm reviews, and sharing specific industry insights in the form of Dear CEO Letters to ensure that firms are adequately prepared for the implementation.
How will the introduction of Consumer Duty change RegTech?
After over a year since it was announced, the Consumer Duty legislation finally came into effect in the UK this week. How will it impact the RegTech space?
Consumer Duty takes effect: A new era of protection in financial...
Consumer Duty, a set of new rules aimed at enhancing consumer protection in the financial services sector, has come into force as of 31 July.
Harnessing AI for compliant communication ahead of FCA’s Consumer Duty
The UK's Financial Conduct Authority (FCA) recently released a ten-point checklist for companies in anticipation of the new Consumer Duty regulation set to be enforced on July 31, 2023. This regulation marks a pivotal shift in the regulatory landscape, impacting both new and existing services and products available for sale or renewal.
