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Regulating to meet consumers’ needs (UK)

The Financial Conduct Authority’s proposed approach to ensuring it regulates in a way that truly helps consumers is set out in a consultation on the first of the series of documents, which – as promised in its ‘mission’ – will explain in depth its approach to regulation.

‘Our Future Approach to Consumers’, which includes links to a 4 minute video and an online response form, explains that FCA’s ultimate aims are to see markets where

high-quality, good value products and services that meet consumers’ needs are available
consumers can buy the products and services they need and the way in which they are sold is clear, fair and not misleading
the needs of vulnerable consumers are taken into account

Its approach to achieving these aims takes account of the following core issues

a starting point where firms treat customers fairly and customers take reasonable responsibility for their decisions about the financial products they buy
consumers in vulnerable circumstances may be significantly less able than the average customer to represent their own interest
changes such as new technologies are having an impact on the ways in which both firms and consumers take decisions
the FCA, firms and stakeholders need to work together to tackle problems of access to, and exclusion from, financial services