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New rules should mean better value for financial products

We should also get fairer treatment thanks to new rules on financial products

Banks and others who provide financial products now have a duty to make sure we receive good service thanks to new rules.

It’s called the Consumer Duty and it means we should be able to buy financial products and services that meet our needs.

We should have greater protections when we’re buying insurance or taking out credit for example.

Companies should also offer fair value for money and it should be clear what we’ll have to pay.

When firms get in touch with us, they should do so in language we can understand.

The new rules on financial products also mean we should get customer support whenever we need it.

And there’s a focus on the ways we end up paying more just because we’re on a low income.

That means things like discounts we can’t access because they’re online only, or late payment fees.

Under the change, firms have to make sure we’re not getting worse value just because we’re on a lower income.

It’s being described as one of the biggest shake-ups in the rules around financial services.

The move has been brought in by regulator the Financial Conduct Authority (FCA). The new rules came in at the end of July, and the FCA will now monitor firms and make sure they comply.

Image: Mikhail Nilov / Pexels

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