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UK Banks' Consumer Duty Compliance: An FCA Warning
The UK's Financial Conduct Authority (FCA) has expressed concerns about banks' insufficient integration of Consumer Duty principles. They suggest that banks are not adequately embedding these principles across their operations. Instead, reliance is placed on risk and compliance teams to identify breaches. This indicates a failure to cultivate a company-wide culture that prioritises consumer interests. The FCA's warning suggests a need for banks to proactively promote the Consumer Duty.
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Published on 10 months, 3 weeks ago