Posted May 14, 2021
The Money Advice Trust, the charity that runs National Debtline and Business Debtline, has welcomed the FCA’s new consultation on a consumer duty as a vital opportunity to deliver improved outcomes for all consumers.
“Fair outcomes for consumers should be at the heart of everything financial services firms do. The FCA’s vulnerability guidance, published earlier this year, set out a clear call for firms to continue to improve their treatment of their customers, particularly those in vulnerable circumstances.
“We welcome today’s consultation on a package of new measures to deliver an overarching new consumer duty which takes this work further, and is a vital opportunity to ensure that firms are doing all that they can to prevent financial harm occurring and ensure firms are focussed on good customer outcomes.
“Despite welcome progress in recent years, there remain issues within the financial services market that leave consumers at risk of harm and exclusion. It is important that the new duty leads to practical improvements and delivers fair outcomes for all consumers, by ensuring that everyone can access products and services that are safe and meet their needs.”