The Financial Conduct Authority (FCA) has issued proposals designed to stop firms creating retail products where the complexity disguises high risks, high costs or poor prospects of returns.
The FCA has set out plans to impose on firms a new "Consumer Duty", which will set a higher level of consumer protection in retail financial markets for firms to adhere to. The watchdog said it has seen evidence of practices that cause consumer harm, including firms providing information which is misleadingly presented or difficult for consumers to understand, hindering their ability to properly assess the product or service. FCA bolsters executive team in post-scandals restructure It found that some products and services are designed, either intentionally or through insufficient c...
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