Money and Mental Health charity respond to FCA’s announcement of new “Consumer Duty” for financial firms
7 December 2021
Today, the Financial Conduct Authority (which regulates financial services) has announced detailed plans for a new ‘Consumer Duty’ for financial firms, to ensure people using financial services receive a better standard of consumer protection, and to help to stop harm before it happens.
The plans also include measures to ensure financial firms act on the Consumer Duty, which will be a board-level responsibility for firms.
In response, Helen Undy, Chief Executive of the Money and Mental Health Policy Institute, said:
“The new plans for the Consumer Duty amount to an ambitious step by the FCA to ensure that consumers get a better deal when using financial services. In particular, it could make a big difference in ensuring that consumers with mental health problems can access financial services and aren’t ripped off.
“We’re also pleased that the FCA has taken on board our concerns about how the new Duty would be enforced, by setting out clear measures to hold financial firms accountable for acting on it.
“These plans are still being consulted on, and we hope the FCA will retain the level of ambition set out today as the new Consumer Duty is put in place in the coming year. We will continue to work with the FCA on the details of these proposals, and with financial firms to help them meet the regulator’s expectations and improve their services for vulnerable customers through our Mental Health Accessible programme.”
To set up an interview or any other media enquiries, please contact Brian Semple, Head of External Affairs at Money and Mental Health, on 07935 216 804 or [email protected]
NOTES TO EDITORS
About the Money and Mental Health Policy Institute
The Money and Mental Health Policy Institute is an independent charity set up by Martin Lewis, and committed to breaking the link between financial difficulty and mental health problems. We conduct research, develop practical policy solutions and work in partnership with both those providing services and those using them to find what really works. www.moneyandmentalhealth.org
Mental Health Accessible programme
Money and Mental Health is working with banks (and other essential services firms) to make their services more inclusive and accessible through Mental Health Accessible — a suite of consultancy programmes to help firms better understand and support customers with mental health problems.