Firms improving design of products and services under Consumer Duty, FCA finds

The Financial Conduct Authority (FCA) reports that businesses are stepping up their game in designing products and services to better serve consumers, aligning with the new Consumer Duty. This initiative aims to ensure that financial products and services are not just created but are also monitored and deliver what they promise. The FCA's findings highlight the growing focus on trust and consumer outcomes, suggesting a shift toward more responsible financial practices. This move is crucial as it sets a higher standard for consumer protection in the financial sector, potentially influencing regulatory trends globally.