Which role does the FCA play in protecting consumer rights?

The role of the Financial Conduct Authority (FCA) in protecting consumer rights primarily centers around ensuring fair treatment and access to justice for consumers. The FCA is committed to safeguarding consumers by promoting competition, ensuring that financial services are provided in a way that meets high standards, and fostering transparency.

Through its regulatory framework, the FCA works to prevent firms from engaging in unfair practices and to eliminate obstacles that may hinder consumers' access to financial services. This involves setting rules that require firms to treat consumers fairly, provide clear information, and allow consumers to make informed decisions about financial products. The FCA also provides mechanisms for consumers to raise complaints and seek resolution if they believe they have been treated unfairly.

By establishing these protective measures, the FCA helps maintain consumer trust in the financial market and encourages a market environment where consumers can be assured of their rights and recourse options. This holistic approach to consumer protection aligns with the FCA's mission of ensuring that the financial markets work well for individuals and businesses alike.