Member

The Bill will repeal the statutory sanctions attached to these prescriptive requirements. Sanctions were designed for a very different regime under the Office of Fair Trading, with limited regulatory powers to ensure that consumer protections were no longer necessary to ensure robust protection for consumers. Instead, consumers will be protected through the modern system of financial services regulation, where the FCA supervises firms, enforces rules and can require redress. Consumers have access to firm complaint processes and the Financial Ombudsman Service, and firms are required proactively to redress consumer harms under the FCA regime, on the basis of consumer complaints or their own regular compliance monitoring.