A fairer future: New FCA proposals
The Financial Conduct Authority (FCA) has issued a consultation on its proposed new ‘Consumer Duty’. It aims to create clearer, higher expectations around how regulated firms put customers first.
As the consultation explains: “We want to see a higher level of consumer protection.
“In essence, we want to see firms putting themselves in their customers’ shoes, asking themselves questions such as ‘would I be happy to be treated in the way my firm treats its customers?’, or ‘would I recommend my firm’s products and services to my friends and family?’.”
The Duty would require FCA regulated firms, including funeral plan providers, to:
- Ask themselves what outcomes consumers should be able to expect from their products and services
- Act to enable rather than hinder these outcomes
- Assess the effectiveness of their actions
Golden Charter welcomed these aims as good for families.
Gordon Swan, Golden Charter’s Director of Communications, said: “We have always welcomed the FCA’s customer focus, and these proposals are fundamentally about making sure businesses put customers’ interests at the centre of everything we do.
“That reflects what we stand for, and what the independent funeral directors who work with us expect. We will review the proposals, and work seriously to effectively reflect their emphasis on customer protection.”
The consultation closes on 15 February. You can learn more about the proposals and what will be expected of regulated firms here.
Tags: consultation, consumer, customers, duty, families, FCA, Financial Conduct Authority, new, regulation