It is hoped the new duty will improve trust and confidence in financial services and could help prevent rip-offs
A new Consumer Duty comes into force on July 31, setting a higher bar for financial firms and giving customers more certainty that the product they are taking out does exactly ‘what it says on the tin’. Overseen by the Financial Conduct Authority , it sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs at the heart of what they do.
Nisha Arora, director of cross-cutting policy and strategy at the FCA, said: “People should know what they are paying and know what they are getting for what they pay.” “It’s really important consumers still shop around for the best deals, but firms need to give them the right information so they can make those decisions.”
Together with the Information Commissioner’s Office , it recently wrote to UK Finance and the Building Societies Association , clarifying that savings providers can inform their customers of the best rates available to them, even where they have objected to direct marketing. Get the latest Record Money news Join the conversation on our Money Saving Scotland Facebook group for energy and money-saving tips, the latest benefits news, consumer help and advice on coping with the cost of living crisis.
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