FCA Dear CEO letter to Price Comparison Websites portfolio
Regulatory Updates | 16/11/20
The Financial Conduct Authority (FCA) has published a letter sent to the CEOs of firms in its Price Comparison Websites (PCWs) supervisory portfolio. The letter sets out the FCA’s view of the key drivers of harm to consumers in the sector, including:
• consumers being sold products that do not meet their demands and needs;
• consumers unable to access financial services;
• ineffective governance arrangements and poor culture;
• poor operational controls; and
• poorly managed innovation.
The FCA sets out its expectations on how it expects firms in the PCWs portfolio to address these issues.