Earlier this month, the new Consumer Duty went live.
In the words of the Financial Conduct Authority (FCA) the “Duty sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers’ needs first”.
A new Consumer Principle that requires firms to act to deliver good outcomes for retail customers as regards products and services, price and value, consumer understanding and consumer support, has been introduced.
These outcomes are integrated by cross-cutting rules whereby firms must act in good faith and avoid foreseeable harm to retail customers as well as enabling and supporting retail customers to pursue their financial objectives.
Client’s centricity has always been at the heart of what we do at KLO.
We welcome the introduction of the Consumer Duty setting a clearer and higher expectation for financial services firms’ standard of care towards consumers and in this light, we will keep striving to offer products and services that are suitable and represent fair value.
You can read more about the FCA’s new rules aimed at improving value for money for customers on The Guardian.
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Any research is for information purposes only and does not constitute financial advice. The value of investments and any income from them may go down as well as up, so you may get back less than you invested. Past performance cannot be relied upon as a guide to future performance. KLO Financial Services Ltd are registered in the UK, company number 08711328. We are authorised and regulated by the Financial Conduct Authority, reference 710272. For any information please visit our website www.klofinancialservices.com