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Consumer protection and good customer outcomes in an evolving financial services ecosystem

Author

Listed:
  • Turner, Donna

    (Senior Consultant, Shapes First, UK)

Abstract

Consumer protection and the conduct of financial services firms has been a focal point and priority since statutory obligations on the financial services sector became law in 1986 with the introduction of the Financial Services Act. However, that has not prevented the continuous stream of scandals hitting the financial services industry and the consumers they serve or the never-ending battle to fight against criminal activity and strategies. This paper describes the evolution of standards in relation to financial services consumer protection, the new and evolving risks that consumers face and considers why regulation is needed that requires firms to put their customer needs first.

Suggested Citation

  • Turner, Donna, 2023. "Consumer protection and good customer outcomes in an evolving financial services ecosystem," Journal of Financial Compliance, Henry Stewart Publications, vol. 7(1), pages 64-74, October.
    • Handle: RePEc:aza:jfc000:y:2023:v:7:i:1:p:64-74
    as

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    More about this item

    Keywords

    treating customers fairly; payment protection insurance; consumer duty; Senior Managers and Certification Regime (SM&CR);
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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