Analysis, Regulation & Supervision

FCA to impose ‘targeted and intrusive’ sanctions on banks that fail to comply with Consumer Duty

By Victor Smart
Consumer Duty
Image via Bloomberg Mercury

The UK’s Financial Conduct Authority has warned that banks are failing to instil a firm-wide Consumer Duty-friendly culture, and are still relying on “second-line” risk and compliance teams to pick up infractions.

The FCA has put financial institutions on notice for tough regulatory action over haphazard compliance with ...

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