Page 38 - 期货和衍生品行业监管动态（2022年8月）

期货和衍生品行业监管动态

It will set higher and clearer standards of consumer protection across financial
services and require firms to put their customers’ needs first.

The Duty is made up of an overarching principle and new rules firms will have

to follow. It will mean that consumers should receive communications they can

understand, products and services that meet their needs and offer fair value, and they

get the customer support they need, when they need it.

Clarity on our expectations and firms focusing on what their customers need

should lead to more flexibility for firms to compete and innovate in the interests of

consumers.

The Duty forms part of the FCA's transformation to becoming a more assertive

and data-led regulator. With firms assessing how they’re meeting their customers’
needs, the FCA will be able to quickly identify practices that don’t deliver the right

outcomes for consumers and take action before practices become entrenched as
market norms.

Sheldon Mills, Executive Director of Consumers and Competition, said:

'The current economic climate means it’s more important than ever that

consumers are able to make good financial decisions. The financial services industry

needs to give people the support and information they need and put their customers

first.

'The Consumer Duty will lead to a major shift in financial services and will

promote competition and growth based on high standards. As the Duty raises the bar

for the firms we regulate, it will prevent some harm from happening and will make it

easier for us to act quickly and assertively when we spot new problems.'

The Duty will include requirements for firms to:

 end rip-off charges and fees

 make it as easy to switch or cancel products as it was to take them out in

the first place

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