Dean Dunham asks FCA - the Financial Conduct Authority what LBC listeners want to know
28 July 2023, 16:21
Dean Dunham asks FCA - the Financial Conduct Authority what LBC listeners want to know
In Dean Dunham’s ‘Ask’ series, he asks key individuals and organisations (such as regulators, consumer organisations, ombudsmen, alternative dispute resolution providers, energy providers, online marketplaces and other retailers) the burning questions LBC listeners are asking.
ASK the FCA
On 31 July 2023 the ‘Consumer Duty’ is being introduced by the Financial Conduct Authority (FCA).
This is a set of clear standards for the protection of financial consumers that banks, building societies, investment advisers, insurance firms and all other firms providing financial services/products must adhere to. The problem, is most consumers know nothing about this, so this week on the ASK series I was joined by Nisha Arora, Director of Cross-Cutting Policy and Strategy from the FCA to explain all.
Nisha explained the ultimate goal of the Consumer Duty was to make sure providers of financial products and services put the needs of the consumer first so as to avoid causing them financial harm.
This means fully understanding the needs of the consumer and matching those needs with suitable products and services.
During the interview, Nisha provided more information as to how the consumer duty will work, what it will mean for consumers and ultimately how consumers will benefit.
I also asked Nisha about the concern that those who have a poor credit rating will suffer, as firms will shy away from providing consumers in this situation with financial products and services.
There have been lots of rumours that the Consumer Credit Act 1974 (best known for the protection it provides consumers under ‘Section 75’) is to be abolished. Nisha shed light on this in the interview and what it will mean for consumers.
A must-listen for anyone thinking of applying for car finance, a personal loan, a mortgage or any other financial product.