FCA defends Consumer Duty to House of Lords Committee
The Consumer Duty has “teeth” and is delivering better outcomes, David Geale, executive director of consumers, payments and competition at the Financial Conduct Authority, has told a House of Lords Committee.
Challenged by committee member Lord Sharkey to respond to criticism that the Duty was not driving meaningful or measurable change in the insurance market, Geale said: “I think the Consumer Duty is an incredibly important tool. It is something we use on a regular basis.
It is proving that it has got teethDavid Geale, Financial Conduct Authority
“We can point to a number of areas where we have seen positive outcomes as a result of the Duty being in force.”
The FCA leader listed work on GAP insurance
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