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Our Global Regulatory Network, consisting of former regulators and bankers from the Americas, Asia and Europe, provides strategic insights on financial regulation that helps clients adapt to the changing regulatory landscape.
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3. Securing good outcomes for consumers will continue to play a prominent role.
With consumers still adapting to recent sharp rises in the cost of living, regulators’ focus on ensuring financial resilience and good consumer outcomes will increase. The UK’s adoption of the Consumer Duty in 2023 – effectively a duty of care toward retail customers – has attracted attention around the world, with several national regulators preparing to ramp up their consumer protections.
Firms in many jurisdictions should also expect increasing pressure to promote greater financial inclusion and enhance fraud prevention. Regulators are likely to require firms to ensure their products and services meet the needs of low-income households and to prioritize measures that help consumers with limited credit histories access loans and other products. With fraud and retail scams becoming increasingly sophisticated, there is likely to be increasing pressure to inform consumers of the risks and introduce extra prevention measures.