Rules being rolled out by the Financial Conduct Authority (FCA) will force financial firms – including banks, insurers and investment firms – to focus on delivering “good outcomes” for customers, in a move expected to reduce call wait times, end rip-off charges and fees through clearer promotions, and make it easier to cancel or switch investments.
The new consumer duty, which will start to come into force from next summer, will replace current rules that say firms must treat customers fairly.
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