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UK regulator criticises City preparations for new consumer rules

Financial Times LogoFinancial Times2w ago

UK regulator criticises City preparations for new consumer rules - Financial Times

Quick Summary:

The FCA said that in one case, board minutes had showed that the plan to implement the consumer duty “was approved without discussion”.

Under the reforms, which have already been delayed by about three months, senior management and boards are expected to oversee changes to end exploitative charges and improve customer service.

The report also found that some firms were complacent in how they plan to gather data for compliance with the new duty.


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Article Details

Author / Journalist: Laura Noonan

Category: MarketsFinanceInvesting

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2023-01-25 @ 00:03:00 (2 weeks ago)

News Timezone: GMT -5:00

Ranking: #75 (out of 9760 stories this day)

News Source URL: ft.com

Language: English

Article Length: 623 words

Reading Time: 4 minutes read

Sentences: 25 lines

Sentence Length: 25 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 4748935

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 7 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 9 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

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  • URL: https://beamstart.com/news/uk-regulator-criticises-city-preparations-16746071

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