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FCA consumer duty shows shift in retail financial services

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Published on: 23 August 2022

Published by a Law360 reporter

Table of contents

What is the consumer duty?
Products and services
Price and value
Consumer understanding
Consumer support
Application
What does this mean for senior managers?
What does this mean for firms' culture?
When do firms have to comply?
Interim deadlines

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Article summary

Law360, London: On 27 July 2022, the Financial Conduct Authority (FCA) published a policy statement, PS22/9, and a finalised guidance, FG22/5, setting out final rules and guidance on the new consumer duty. The duty sets higher expectations of the standard of care that firms give consumers.

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