Submission to the FCA consultation on a new consumer duty
31 July 2021
Money and Mental Health welcomes the FCA’s proposed new consumer duty and it’s intent to use it to raise standards. We anticipate that this will likely be particularly valuable for customers with mental health problems who regularly experience worse outcomes when accessing, using and paying for financial products and services, leading to financial and/or psychological harm. To be successful in delivering the change the FCA states it wishes to see, effective monitoring and enforcement of this new duty will be vital. We look forward to seeing more detail on how this will be carried out in the next iteration of the FCA’s plans for the duty.