Report
The FCA Consumer Duty - New Principle 12 Briefing
In July, the Financial Conduct Authority (FCA) announced plans to introduce a new Consumer Duty for the financial services sector designed to enhance customer service standards and better protect consumers. The new rules are expected to result in a ‘major shift’ in the financial services arena and form part of what the FCA has described as its move to become a ‘more assertive and data-led regulator’, enhancing its ability to identify activities now consider in the best interests of consumers.
In this report, Crawford examines the aims of the Consumer Duty, requirements of the Consumer Duty, and what it means for everyone in the insurance sector.
