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Richard Barnwell, financial services advisory partner at BDO, outlines what the FCA's new Consumer Duty will mean to UK motor retailers and repairers.
Wednesday 27 July was like a perfect Christmas morning for financial services compliance geeks.
The FCA has published the final guidance for its new Consumer Duty rules, which the regulator said will lead to a "major shift in financial services"
The Financial Conduct Authority has shifted its expectations of finance firms and dealers from the old "treating customers fairly" principle to now an adage of "put their customers' needs first".
The Financial Conduct Authority (FCA) has published final guidance for firms to implement its new Consumer Duty rules, which the regulator says will lead to a major shift in financial services.