[2] The Consumer Duty has been described as the 'biggest overhaul for the UK's financial services industry in 20 years'.
[3] The new rule establishes a "Consumer Principle"; firms must "act to deliver good outcomes for retail customers".
[5] The UK's Treasury select committee said it would scrutinise how banks comply to the rules heavily.
Financial Services companies were warned that if any evidence was found of risk of harm to the consumer, this could lead to interventions or investigations, and possible disciplinary sanctions.
[6] There have been concerns that these requirements place an undue burden on smaller firms.