Who will be impacted by the new Consumer Duty principles introduced by the FCA?

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Consumer protection measures in the financial industry typically aim to benefit a broad range of individuals and entities, including:

  1. Individual Consumers: The primary beneficiaries of consumer protection measures are individual consumers who use financial products and services. These measures often aim to ensure that consumers are treated fairly, receive clear information, and are protected from unfair practices.
  2. Small Businesses: In some cases, consumer protection principles may extend to small businesses that use financial products and services. This recognition is particularly relevant when small businesses may face similar challenges and vulnerabilities as individual consumers.
  3. Vulnerable Populations: Consumer protection measures often prioritize vulnerable populations, such as individuals with lower financial literacy, the elderly, and those with limited financial resources. The goal is to prevent exploitation and ensure fair treatment for all.
  4. Investors: If the consumer duty principles involve investment products or services, investors may be among the affected parties. This includes both individual investors and institutional investors.
  5. Financial Service Providers: The principles may also have implications for financial institutions and service providers. They may need to adjust their practices, disclosures, and customer interactions to align with the new requirements.
  6. Intermediaries and Advisers: If the principles relate to financial advice or intermediary services, professionals in these roles may be directly affected. This includes financial advisers, brokers, and other intermediaries.

It’s important to note that the specific impact and scope of the consumer duty principles will depend on the details of the regulations introduced by the FCA. Click here to check the latest publications and announcements from the FCA or consult legal and financial professionals familiar with the regulatory landscape in the UK.

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