Over half FCA’s Consumer Duty enforcement cases target insurance firms
The Financial Conduct Authority has 11 ongoing investigations into potential breaches of the Consumer Duty, over half of which are in the insurance sector, as the third anniversary of the regulation looms.
The Duty came into force on 31 July 2023 with an overarching principle and new rules that the regulator said at the time would fundamentally improve how firms serve consumers by putting their needs first.
In a newsletter covering insights and themes from its enforcement work, the FCA detailed it opened its first investigation in August 2024 with the number steadily increasing since then.
The 11 open operations include investigations in the insurance, pensions, wealth management, consumer
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