Money Box

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The latest news from the world of personal finance plus advice for those trying to make the most of their money.

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Money Box: FCA to force firms to treat customers better

22/05/2021

FCA to force firms to treat customers better

BBC Radio 4 - Money Box, FCA to force firms to treat customers better

The FCA plans for consumer duty, Pockit CEO exclusive interview and TikTok finance lessons

Finance firms told to make customers their main focus, Pockit's CEO explains why customer accounts are frozen and concerns about young people getting financial advice on TikTok.

Financial firms are being told they will be forced to treat their customers better under plans by the regulator for a new “Consumer Duty”. It will set down a higher level of consumer protection that firms will have to follow. The consultation on the plans has just been published and the new rules should be in force by the middle of next year. Paul Lewis talks to Nisha Arora, Director of Consumer and Retail Policy at the Financial Conduct Authority.

Money Box continues to get complaints from customers who have current accounts with the online firm Pockit. They tell us that the money in their accounts - often thousands of pounds - has been frozen, sometimes for months. Virraj Jatania, Pockit’s founder and Chief Executive, provides some answers.

Every month millions of people in the UK use the social media platform TikTok. It specialises in short videos normally made by individuals on their mobile phone and edited to music. The videos cover everything from comedy to dance to money. But we hear about concerns that these videos encourage young people to get into bad money habits.

Presenter: Paul Lewis
Researcher: Sowda Ali
Reporter: Dan Whitworth
Production co-ordinator: Janet Staples
Producer: Ben Carter
Editor: Alex Lewis

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FCA to force firms to treat customers better

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