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Hector Sants: The FCA must simplify, not confuse, with its new consumer duty
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Sir Hector Sants was chief executive of the Financial Services Authority and head of compliance at Barclays. He is currently chair of the Money and Pensions Service.
The Financial Conduct Authority is consulting on its approach to consumer protection. I believe that, in addition to considering harm prevention, the new framework needs to focus more on encouraging firms to help build the long-term financial confidence and well-being of consumers.
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