A summary of the forthcoming changes in the UK’s financial sector due to the implementation of the FCA consumer duty. These changes aim to prioritize consumer interests and ensure fair treatment by financial service providers. The new regulations focus on delivering the right products, services, and outcomes, as well as promoting fair pricing, transparent charges, and consistent customer service throughout the customer lifecycle. Businesses operating in the financial industry must comply with these rules and demonstrate their commitment to generating positive customer outcomes and preventing foreseeable harm. The consumer duty is set to benefit consumers and customers, with the compliance deadline set for the end of July.
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