Britain's markets watchdog is ready from Monday to jump on any firm failing to adhere to a new duty to justify charges to customers in one of the regulator's biggest reforms in decades.
Firms regulated by the Financial Conduct Authority have been required to comply with a general principle of treating customers fairly, but the agency failed to halt a number of mis-selling scandals.
"Where we see fees or charges based on nothing, or products that have no value to them, or excessive fees... those are the things that will attract our attention," Arora said, adding that firms could be asked to adjust prices or change the product. "Even so, everyone recognises that this is really only the end of the beginning, and there is considerable uncertainty about how it will be interpreted and enforced by the FCA," Herbst said.
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