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NLJ this week: The Consumer Duty & other incoming rules for financial institutions

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07 June 2024
Issue: 8074 / Categories: Legal News , Procedure & practice , Consumer , Financial services litigation
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More legal duties are set to be imposed on financial institutions in 2024. In this week’s NLJ, Michael Brown, partner, and Harriet Campbell, senior knowledge lawyer, Penningtons Manches Cooper, provide an overview of the new duties, including the Consumer Duty and the reimbursement rules, and consider the future of financial disputes

They question why, given the new duties to protect consumers, can’t consumers sue for breach?

Brown and Campbell write: ‘In the event that the Financial Ombudsman Service does not consistently provide redress for consumers either for breaches of the Consumer Duty or the reimbursement rules, creative claimants may need to pursue remedies through the courts (such as the embryonic “retrieval duty”) to resolve disputes. Arguably, it would be more effective to simply provide a private right of action now…’

Issue: 8074 / Categories: Legal News , Procedure & practice , Consumer , Financial services litigation
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