FCA: 'Expect robust action' with Consumer Duty supervision

Warning on how it will discipline firms

The Financial Conduct Authority will “act swiftly and assertively” and take “robust action” against firms who ignore Consumer Duty, its executive director of consumers and competition has warned.

Speaking today, (10 May) Sheldon Mills said the regulator will prioritise the most serious breaches of its new regulation and not shy away from disciplinary sanctions where necessary. FCA confirms £5.3m spend on 'embedding' Consumer Duty Mills reiterated that the watchdog's supervisory and enforcement approach will be "proportionate to the harm - or risk of harm - to consumers" as well as having a "sharp focus on outcomes".  "We will act swiftly and assertively where we find evidence of harm or risk of harm to consumers," he added. "In some cases, firms can expect us to take robust...