Is the FCA concentrating on a regulatory approach when focusing on a cultural change within financial firms would be so much better?

The FCA’s goals to achieve the best possible outcomes for consumers are laudable. 

We agree with the FCA that ‘firms should be competing vigorously in the interests of consumers’ but regulation to protect consumers from harm is not synonymous with firms’ prioritising  consumer interests.   More emphasis is needed on firms providing a duty of care to consumers. See our response here.