The ABI has responded to the consultation published by the FCA on plans to introduce a new Consumer Duty.
Charlotte Clark, Director of Regulation, said:
“Looking after customers is our members’ top priority and we welcome today’s consultation. We’re pleased to see the FCA is not proposing to introduce the Private Right of Action at this time as it would have added complexity for consumers, without benefits above the current redress process. Much work has already been done in this highly-regulated area of consumer protection and, as the FCA acknowledges, there is good practice by firms to innovate to meet the needs of customers. We’ll continue to work with the FCA and our members to contribute to this important debate and ensure consumers are at the heart of everything we do.”
For more information, please contact the ABI Press Office.