ShareSoc has delivered an 8 page response to the FCA's consultation: A new Consumer Duty : FCA Consultation Paper CP21/13.
We made the following key points:
We welcome the proposed new Consumer Duty, which will set clearer and higher standards.
For too long, retail consumers of financial products and services have been treated unfairly. Too often, the financial services industry has exploited weaknesses in the financial education, knowledge and behavioural biases of customers to charge excessive fees and deliver unsuitable products.
We find it disappointing ...