The Financial Sector Regulation Bill will usher in an era of market conduct regulation for retail banks that will subject them to treating-customers-fairly (TCF) regulations for the first time, says Jonathan Dixon, deputy executive officer of the Financial Services Board’s (FSB’s) insurance department. This will enable the forthcoming market conduct regulator to enforce conduct standards on banks in the same way it does with insurers, Under the bill (also known as the Twin Peaks bill), the Financial Services Conduct Authority would be able to focus on market conduct with a lot more vigour, Dixon said on Thursday. The authority would set standards for conduct in line with the six outcomes-based regulations that demonstrate fair customer treatment across product development, sales, advice and after-sales service, he said. "We are now moving into a phase where demonstration of the fair treatment of customers will become more widely enforceable. Financial institutions can be held to acc...
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