FCA launches three-year strategy to improve outcomes

The FCA has launched a new strategy to improve outcomes for consumers and in markets throughout the UK

Anne Fairweather, Head of Government Affairs & Public Policy at Hargreaves Lansdown:

“The FCA has set out its focus for the next 3 years, rightly looking to reduce consumer harm, setting higher standards and promoting competition, putting metrics against these aims for the first time.  This is a welcome step forward.

In particular we welcome the fact that the FCA sees informed and empowered consumers as an important defence against bad conduct.  Overtime consideration needs to be given as to how this aim is measured.  Data from firms, collated under the consumer duty, could really drive this ambition.

We would also want to see a wider ambition that consumers improve their financial resilience.  Preventing harm, such as from investment in inappropriate high risk products, is the first step here.  But over the coming 3 years, using the consumer duty as a driver, we believe that firms can and should do more to improve the outcomes for consumers, ensuring that they are building their resilience over time.”