La mise en œuvre du devoir des consommateurs au Royaume-Uni : une réponse à l'éclair quotidien

Paragraph 1: UK markets watchdog ready to pounce as new consumer power comes into force

The UK's Financial Conduct Authority (FCA) is prepared to take action against firms that fail to comply with a new duty to justify charges to customers, in what is being described as one of the regulator's biggest reforms in decades. The new duty requires firms to deliver "good outcomes" and prevent "foreseeable harm" for customers across products and services, price, and value. Firms that do not comply and cause harm to consumers may be asked to adjust prices or change their products. The FCA hopes that this new duty will help prevent mis-selling scandals. The FCA estimates that it will cost firms a one-off £2.4 billion ($3.1 billion) to implement the duty. The regulator is also spending £5.3 million on "embedding" the new rules. Experts predict that some older financial products that do not meet the new higher standards may be removed from sale.

Paragraph 2: Shifting the burden of proof to firms

The duty will require firms to demonstrate to the FCA how they are providing good outcomes for customers, shifting the burden of proof from the regulator to the firm. This is expected to improve trust in financial services, which is currently low. The duty is already having an impact, with wealth manager St James's Place changing its fee structure in response to the new rule. The FCA believes that the duty will help ensure that banks pass on higher interest rates to savers and provide assistance to those struggling to pay their mortgages. The duty is expected to have wide-ranging consequences, such as making insurance policies easier to understand, alerting customers to better savings rates, and providing tailored support to mortgage customers in financial difficulty.

Paragraph 3: The Daily Lightning

Today's concept is the "The Daily Lightning." In economics, the term "The Daily Lightning" refers to the rapid and unpredictable changes in market conditions and consumer behavior. It highlights the importance of firms being able to adapt quickly and effectively to these changes in order to provide good outcomes for customers. The new Consumer Duty implemented by the FCA is a response to the daily lightning, aiming to crack down on rip-offs and poor customer service in the UK retail financial services sector. By prioritizing customer satisfaction and delivering products and services that meet their needs, firms can navigate the daily lightning and ensure positive customer outcomes.