As we head towards the FCA’s first review, we’re in uncharted territory. No one really knows what the stance of the regulator will be – they can only guess. Any form of action is, of course, likely to be proportionate to the failure to meet Consumer Duty. The problem is that one person’s view of a ‘bad outcome’ may be different from another’s – so what will be the regulator’s view?
Will the FCA be lenient or harsh?
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“Let’s see what happens to someone else”
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