FCA releases “Dear CEO” letter to e-money firms preparing to comply with the new Consumer Duty rules
The FCA has sent Dear CEO letters setting out expections for compliance with the new Conumer Duty due to come into force in July 2023. The FCA states that this Duty is a “a significant shift in our expectations of firms. It introduces a more outcomes-focused approach to consumer protection and sets higher expectations for the standard of care that firms give customers.”
The Consumer Duty forms part of the FCA’s three year strategy to improve consumer protection.