Which? responds to the Financial Conduct Authority's Financial Lives survey

Rocio Concha, Which? Director of Policy and Advocacy, said:

"Effective and clear customer service should always be at the front of financial firms' minds, but in the midst of the worst cost of living crisis in decades, it's essential that consumers can feel confident that they will be treated fairly by the businesses they buy products and services from.

"Whether it's making sure the terms and conditions of insurance policies are fair and clearly understood, notifying bank customers of better savings opportunities or making a service as easy to cancel as it is to join, customer support in the financial services sector is in need of an upgrade - and the Consumer Duty should help to raise standards.

"If the Consumer Duty is to have the desired effect, the Financial Conduct Authority must be ready to clamp down on firms that fall below the required standards."

-ENDS-