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The regulations are sweeping, as the Financial Conduct Authority has said the duty will apply to across the whole distribution chain. This means even companies like Checkout.com and Stripe will have to think about how their services impact consumers — it's not just the neobanks and wealth managers that hold customer deposits.
The new bundle of “consumer duty” reforms from the FCA apply to about 60k banks, asset managers and insurers in the country, requiring them to prove that they are acting fairly and delivering “good outcomes” to their customers.
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