More than four months after the Financial Conduct Authority launched its consumer duty rulebook — a collection of guidelines designed to set clearer standards of protection for consumers of financial services — firms have started moving towards a more customer-centric modus operandi. However, plenty of work still needs to be done.
In November, London-based professional services firm PA Consulting found that the majority of people in the UK do not fully trust financial service providers to support them in times of economic hardship (based on a survey of 1500 people).
