Consumer Duty one year old – Mills stresses FCA support for smaller firms
The Financial Conduct Authority has been, and will continue to be, proportionate in its approach to supervising the Consumer Duty, according to Sheldon Mills on the one-year anniversary of the rules.
Targeted at ending rip-off fees and making it easier for people to switch and cancel products, the Consumer Duty came into force on 31 July 2023 for new and existing products and services that were open for sale or renewal. It marked a seismic shift in the FCA’s expectations.
Speaking on the one-year anniversary, Mills, executive director of consumers and competition, said: “We will continue to work with firms to get the duty right in response to practices we are seeing.
“This is particularly so
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