Transforming customer outcomes through ‘Consumer Duty’ regulation'

The Financial Conduct Authority (FCA) has published its final guidance for firms on the ‘Consumer Duty’ regulation. These guidelines are set to transform customer standards in the UK by improving flexibility and providing better customer protection. This would also allow banks to introspect on product and service offerings, value-based pricing, level of customer support, communication strategy, etc., and implement improvements to improve their customer service standards.

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