In its second round of consultation papers on Consumer Duty regulations, the FCA stated that it will continue forward with its proposals and has published draft guidance to help financial service firms prepare for the new rules.

In the draft guidance, the FCA stated that companies within the financial services sector will be required to ‘focus on supporting customers to make good financial decisions’ and ‘avoid harm at every stage of the customer relationship’.

It has also said that financial services firms will have to provide their consumers with clear information that their customers can understand, offer products and services that are ‘fit for purpose’, and provide helpful customer service.

T