Consumer Protection news in 2023
17 stories, newest first.
- December 2023
FCA publishes findings of Retail Banking Consumer Duty multi-firm work
The FCA has published findings from a review of 70 product journeys at 47 firms, assessing how retail banks applied Consumer Duty frameworks, target market definitions and support for customers in financial difficulty.
- November 2023
PRA publishes DP2/23 on the FSCS general insurance limit
The Prudential Regulation Authority has asked for feedback on whether Financial Services Compensation Scheme protection for general insurance should rise from 90% to 100% and on how small business is defined.
- October 2023
Ofgem publishes new customer services standards for energy suppliers
Ofgem has published new customer services standards setting out rules energy suppliers must follow when customers contact them and when supporting those struggling with bills.
FCA acts against unclear or unfair contract terms of two BNPL firms
The Financial Conduct Authority last used its powers under the Consumer Rights Act 2015 in October 2023 against two buy now pay later firms, according to a Treasury impact assessment published in May 2025.
- August 2023
Financial Services and Markets Act 2023 inserts fraud liability provisions into Regulation 90
The Financial Services and Markets Act 2023 inserted new provisions into regulation 90 of the Payment Services Regulations 2017 on 29 August 2023, preserving payment providers' liability under certain requirements where a payment order is executed after fraud or dishonesty.
- July 2023
Consumer Duty implementation deadline for firms
The Financial Ombudsman Service says its Consumer Duty engagement work will continue past the 31 July implementation deadline, as the new rules start to apply to firms' acts and omissions.
FCA Consumer Duty comes into force
The Financial Conduct Authority's Consumer Duty came into force in July 2023, setting higher standards of consumer protection and supporting the Mortgage Charter agreed with lenders and the Chancellor.
- June 2023
Financial Services and Markets Bill receives Royal Assent
Royal Assent for the Financial Services and Markets Bill in June 2023 gave the Payment Systems Regulator the legal power to require banks to reimburse victims of authorised push payment scams.
- April 2023
Consumer Panel responds to HM Treasury Payment Services Regulations Call for Evidence
The Financial Services Consumer Panel has told HM Treasury that its review of payment services rules must put consumers at the centre and toughen the regulatory gateway for payment firms.
Which? research finds banks mishandling Power of Attorney registration
Which? research published on 3 April 2023 found that banks mishandle power of attorney registration, restrict attorneys' online access and give misleading advice, while building societies performed better.
- March 2023
FOS responds to HM Treasury consultation on reforming the Consumer Credit Act 1974
The Financial Ombudsman Service has told HM Treasury it broadly backs its five principles for reforming the Consumer Credit Act 1974, but wants an "effective" principle added and protections for green finance kept.
FCA expects Consumer Duty rules implemented by March 2023
The Financial Conduct Authority expects firms to have its Consumer Duty rules implemented by March 2023, after a consultation that closed in February 2022 and a policy statement due by 31 July 2022.
Silicon Valley Bank and Credit Suisse collapse sparks FSCS review
The Bank of England is reviewing the deposit guarantee scheme after the March 2023 collapses of Silicon Valley Bank and Credit Suisse, including whether to raise the £85,000 protection limit.
- February 2023
FCA to write to firms on Consumer Duty expectations and risks
The Financial Conduct Authority is to write to firms setting out its expectations for implementing the Consumer Duty, alongside regional events, after reviewing firms' implementation plans.
- January 2023
Government response announces intention to legislate on assignments
The government has confirmed it will legislate to stop taxpayers assigning income tax repayments to agents, with the change taking effect on 15 March 2023 for assignments notified to HMRC from that date.
FCA publishes verdict on firms' Consumer Duty implementation plans
The Financial Conduct Authority has published its review of how firms are preparing for the Consumer Duty, finding good practice alongside shortfalls in senior level ownership of implementation plans.
UK Finance code expanded to cover debt separation
The UK Finance voluntary code of practice on financial abuse was expanded in January to include guidance on how banks can deal with debt separation, as charities report rising demand for help.