I look forward to an engaging discussion at The Cornhill Club on 21st Feb, on the FCA's #consumerduty . It's too early to assess the Duty's full impact, advocates argue it would improve consumer outcomes by reducing harm, boosting financial confidence, and encouraging innovation that caters to diverse needs. Critics express concerns about potential regulatory burden on firms, particularly smaller ones, and the possibility of unintended consequences, such as higher prices or reduced product availability.
The FCA is monitoring implementation and its effectiveness, with the potential for adjustments in the future. Only time will tell whether the Duty achieves its intended goals and strikes the right balance between consumer protection and further innovation, driving greater flexibility.
#fca #bankinginnovation #digitaltransformation
The Cornhill Club committee are pleased to confirm Sheldon Mills (Executive Director, Consumers and Competition) from the Financial Conduct Authority as our after dinner speaker on February 21st. He will be speaking on " #ConsumerDuty - Reflections 6 months on". The event is full, our members can join a waitlist by logging on to the Cornhill Club website https://lnkd.in/e_PQc9x . We are looking forward to seeing our members and their guest on the 21st.
#CornhillClub #Networking #FinancialServices #BankingAndFinance #RegulatoryCompliance #RiskManagement #PaymentServices