New rules under the Financial Conduct Authority’s (FCA) Consumer Duty, which came into force as of July 31, 2023, establish clearer standards for consumer protection across the financial services sector. It requires firms to put customers’ needs first and ensure good outcomes throughout the lifecycle of products and services.
The regulatory shift aims to change the financial services mindset to focus on delivering better outcomes for retail customers. But Jo Bevan-Taylor, head of business consulting for banking and financial markets at NTT Data UK and Ireland (UK&I), warns that the Consumer Duty can only go so far to alleviate the problems in banking facing retail customers.
