Lords’ Recommendations on Financial Exclusion

The House of Lords select committee on financial exclusion has published a report (available here). Notably the committee has recommended amendment of the Financial Services and Markets Act 2000 (“FSMA”) to introduce a reasonable duty of care for financial service providers to exercise towards consumers (including promoting sound financial decision-making by customers and avoiding conflicts of interest) – see paras 85-89 on pp. 31-32.

The committee also recommends new regulations to limit unarranged overdraft charges (see paras 273-274 on pp. 75-76).