The Financial Conduct Authority (FCA) has published updated guidance for firms on managing redress liabilities and tackling "polluter behaviour" to protect consumers, maintain trust in the financial system, and ensure firms meet regulatory obligations.
In the update on Tuesday (14 January), the FCA explained that under Principle 4 (Financial Prudence), firms are expected to maintain adequate financial resources to meet redress liabilities. This principle extends to firms subject to prudential standards, reinforcing that financial health must align with regulatory requirements. FCA's Simon Walls: CCI rule changes proposed to boost investment Polluter behaviour – actions by firms leaving behind unresolved liabilities – has caused consumer harm and strained the financial services market, according to the watchdog. In cases where firms...
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