City Of London
UK Banks Risk New Fines Unless They Put Their Customers First
- FCA says financial products must be clear and at fair price
- Reforms kick in for new and existing products in 12 months
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Financial firms may be fined and stripped of their regulatory authorization unless they put their customers’ needs first under far-reaching reforms from the UK City regulator.
Banks, insurers and other companies will have to ensure their services are actually good for their clients and that this approach is taken at all levels of the business, Ian Searle, head of department for consumer and retail policy at the Financial Conduct Authority, said at a press conference.