FCA to speed up consumer redress

Consumers who have suffered financial harm will be compensated quicker through the Financial Conduct Authority's (FCA's) enforcement process.

In a paper released this morning, the regulator said enforcement would play a key role in its desire to identify potential problems at an earlier stage - and take steps to avert them. Journey to the FCA said the watchdog would act where it considered "that particular aspects of a firm's business model or culture - such as its product selection, training and recruitment or remuneration practices - are likely to harm consumers". It also promised to put more emphasis, at an earlier stage, "on securing redress where consumers have suffered harm". It said the new approach had already be...