Money and Mental Health respond to FCA’s proposal for new “Consumer Duty” for financial firms
14 May 2020
Today, the Financial Conduct Authority (which regulates financial services) has published proposals to introduce a new ‘Consumer Duty’ for financial firms which would set higher expectations for firms in their treatment and protections of customers.
In response, Conor D’Arcy, Head of Research and Policy for the Money and Mental Health Policy Institute, said: “This is welcome recognition from the FCA that financial firms need to do more to protect customers, including those with mental health problems, who are three and a half times more likely to be in problem debt. In part, that is because the financial services industry fails to adequately anticipate and meet their needs, and this has to change – especially with millions more people facing money worries and distress during the pandemic.
“The FCA wants firms to put themselves in their clients’ shoes, so improved understanding among firms of how they can better meet the needs of millions of customers with mental health problems will be crucial. As the FCA consults on its proposal, ensuring firms know what’s required to deliver good outcomes and can put that knowledge into action – from the design stage of a product all the way up to frontline support – will be the big test.”
To set up an interview, or for any other media enquiries, please contact Bronwen Dalley Smith, Senior External Affairs Officer 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.