Tag: Consumer Duty

Post-deadline, the financial industry is grappling with the new standards set by the UK's latest regulatory mandate. The objective of this update is to bring more transparency and accountability to wealth management and insurance enterprises, fostering a more profound commitment to the consumer.

HyperJar, a leading digital wallet company, has proudly unveiled the successful finalisation of a $24m Series A funding round. The investment round witnessed leadership from Susquehanna Private Equity Investments, LLLP, and received notable participation from the Healthcare of Ontario Pension Plan (HOOPP).

PIMFA WealthTech, a FinTech and digital market network renowned for bridging the gap between FinTechs and the Wealth Management sector, has partnered with Morningstar to disclose the outcomes of their pioneering joint venture.

Research has found 46% of people do not believe their banks or building societies have their best interests at heart. 

The final deadline for compliance with the UK Financial Conduct Authority's (FCA) new Consumer Duty is swiftly approaching in July 2023. The regulatory agency has been actively providing guidance, conducting multi-firm reviews, and sharing specific industry insights in the form of Dear CEO Letters to ensure that firms are adequately prepared for the implementation.

The FCA has unveiled actions under the Consumer Duty rules, outlining a 14-point plan aimed at enhancing cash savings interest rates.

After over a year since it was announced, the Consumer Duty regulation has finally come into effect in the UK this week.

Consumer Duty, a set of new rules aimed at enhancing consumer protection in the financial services sector, has come into force.

The UK's Financial Conduct Authority (FCA) recently released a ten-point checklist for companies in anticipation of the new Consumer Duty regulation set to be enforced on July 31, 2023. This regulation marks a pivotal shift in the regulatory landscape, impacting both new and existing services and products available for sale or renewal.

With the Financial Conduct Authority's (FCA's) Consumer Duty deadline just 50 days away, almost half of firms are unsure about the implementation timeline, a new Bovill survey indicates.