Through the introduction of the Banking Conduct Standard, the FSCA wants to improve outcomes for customers, where banks should provide; better disclosure, and that product offerings must be designed and targeted to appropriate customer groups.
Customer suitability, for the typical financial product lifecycle, should be top of mind when products are designed. Fair customer treatment should be embedded in the banks culture, underpinned by their governance, policies and procedures.
From the FSCA’s perspective, our approach is two-pronged:
However, there may be individual complaints that will signal a broader conduct issue in the industry. In those instances, the FSCA will intervene.
Click here for the conduct standard and consultation report.