The chief executive of the Financial Conduct Authority (FCA) has praised many firms for approaching Consumer Duty “in the right spirit”.

Speaking at Morgan Stanley European Financials Conference, Nikhil Rathi acknowledged many firms have:

• Used simpler and more accessible language.
• Been more upfront about product exclusions.
• Reviewed fair value and made changes where necessary.
• Ended “sludge” practices which prevented custo...