"Revamped Consumer Rules Empower UK Markets and Financial Services"

New consumer protection rules have come into force in the UK, aiming to ensure fair treatment of customers in financial services. The Consumer Duty requires financial firms to provide products that meet customers' needs, end hidden charges, and inform customers of better deals. The reform overseen by the Financial Conduct Authority (FCA) aims to offer fair value to savers and improve support for vulnerable individuals. However, concerns have been raised about businesses being ill-prepared for the changes, with some banks failing to effectively communicate with customers.