Consumer Panel chair launches scathing attack on firms' TCF duty

The chair of the Financial Services Consumer Panel (FSCP) has offered harsh criticism of firms' efforts to improve how they deal with clients, saying most have not embraced the idea of treating customers fairly.

Sue Lewis, who heads up the influential independent statutory body set up to advise the regulator on its strategy and policies and challenge it to improve consumer protection, made the comments in the FSCP's annual report. She said: "I do not believe that most firms have really embraced the idea of treating customers fairly. There is still too much evidence to the contrary." Advice and guidance remain a particular concern, she said. "There is still widespread non‑compliance with [Retail Distribution Review] RDR rules," Lewis said. She was referring to the Financial Conduct Autho...