FCA Principle 2
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Financial services failing Consumer Duty as 45% remain confused by ‘simplified’ language
Regulators are raising the bar, firms must show that customers truly understand the products, risks, and costs involved, say Shoosmiths.
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Citi incurs £61.6m in fines for lack of effective trading controls
Deficiencies compounded human error and led to the accidental execution of $1.4 billion of erroneous orders.
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Key takeaways from the TSB case
Operational resilience was the focal point, but there are other issues to consider.
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TSB fined $59m (£48.65m) due to operational risk management and governance failures
Regulators found that TSB failed to adequately organize and control a 2018 IT migration programme.