Wealth manager trade body PIMFA has criticised proposals from the Financial Conduct Authority for a new Consumer Duty.

The FCA is to consult on a sweeping new 'Consumer Duty' which will compel firms to do more to protect consumers from harm and bad financial decisions. 

Industry veteran John Moret has called on the Financial Conduct Authority (FCA) to offer greater clarity on measurement mechanisms to aid customer care performance monitoring and benchmarking.

Wealth management trade body PIMFA has called on the Financial Conduct Authority (FCA) to urgently clarify its expectations around its new Consumer Duty.