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A new Consumer Duty in financial services: a significant change, or more of the same?
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The FCA, after prompting by Parliament, is pressing ahead with its proposals for a new consumer duty of care like approach in financial services, albeit in a way that does not in fact impose a duty of care. Instead, changes to the existing Principles of Business are being suggested, which will sit at the head of a pyramid of measures designed to bring about change. This article considers the likelihood that change will in fact be achieved.
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