The FCA is consulting on the new consumer duty with the aim of setting higher expectations for the standard of care that firms provide to consumers.
Listen to our podcast episode which looks at how the FCA’s proposals might impact the forms of redress available to consumers, including the possibility of extending the private right of action to all FCA Principles (including the proposed new Consumer Principle).
We discuss the overall framework and current mechanisms for securing consumer redress in financial services, such as firms’ complaints procedures, the Financial Ombudsman Service, FSCS, voluntary schemes and the FCA’s statutory powers. We ask whether the FCA’s proposal to extend the existing private right of action to breaches of all its Principles (including the proposed Consumer Principle), might fill existing gaps and make it easier for consumers to secure compensation.
This episode features Lara Adamson (Associate, Dispute Resolution, London), Tom Rudrum (Associate, Dispute Resolution, London).
We view the PROA as part of a wider range of mechanisms which make firms accountable for their breaches of our rules, and by which consumers can get redress.