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Consumer protection and good customer outcomes in an evolving financial services ecosystem
Journal of Financial Compliance,
7
(1),
64-74
(2023)
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.
Keywords: treating customers fairly; payment protection insurance; consumer duty; Senior Managers and Certification Regime (SM&CR)
The full article is available to subscribers to the journal.
Author's Biography
Donna Turner is a highly capable risk, compliance and financial crime professional with 22 years of experience in the financial services industry. Donna is now a senior consultant incorporating her wide-ranging experience into strategy, business development and problem solving to help firms with their governance, risk and compliance challenges. Donna holds two International Compliance Association (ICA) diplomas, the first in anti-money laundering and the second in governance, risk and compliance. She has been an invited speaker at a number of events including the annual industry forum on retail conduct risk, the Compliance Monitoring & Assurance Strategy industry forum and the International Compliance Association, Big Compliance Festival.
