The UK’s Financial Conduct Authority has warned of “robust action” against firms that fail to abide by new consumer protection rules which will be implemented in the summer.
(Bloomberg) — The UK’s Financial Conduct Authority has warned of “robust action” against firms that fail to abide by new consumer protection rules which will be implemented in the summer.
“We will prioritize the most serious breaches and act swiftly and assertively where we find evidence of harm or risk of harm to consumers,” Sheldon Mills, executive director of consumers and competition at the regulator, said in prepared remarks for a speech on Wednesday morning.
“In some cases, firms can expect us to take robust action, such as interventions or investigations, along with possible disciplinary sanctions,” he said.
The FCA’s incoming consumer duty will require companies to ensure they act in the interests of retail customers.
The shift was introduced after the regulator came under criticism for its inaction over a mini-bond scandal that exposed customers to losses on more than $300 million in investments.
The proposals, which starts to come into force on July 31, was previously delayed by several months to give firms more time to comply.
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