The US, Australia and Singapore have taken a keen interest in the Financial Conduct Authority’s development of its Consumer Duty.
The revelation came from Sheldon Mills, executive director for consumers and competition at the FCA (pictured).
Mills revealed the FCA was working closely with the Consumer Financial Protection Bureau – a US government agency dedicated to making sure customers are treated fairly by banks, lenders and other financial institutions.
He said the agency was “very interested” in the FCA’s work on the Consumer Duty – as have been colleagues in Australia and Singapore.
He added that the duty seeks to set higher standards and is at the forefront of global thinking in ensuring that consumer financial needs are met in today’s digital world.
In separate international news, the regulator has appointed Ruairi O’Connell as its director of international.
O’Connell, who will join from the Home Office where he is director, international, has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo.
He will be responsible for helping to shape the FCA’s international strategy as well as overseeing international engagement including matters arising from the UK’s withdrawal from the EU, the regulator said.