In a podcast earlier this year, Sheldon Mills, executive director at the FCA, outlined what the organisation is doing to help consumers with the rising cost of living.
Mills said as the sector prepares for the consumer duty, it can be difficult for the regulator to tell people that prices will go up.
“As firms think about the fair value element of the four outcomes, it is important to think about the lens of rising inflation and increasing prices as they think about the value of their products and services.
"That said, it doesn't mean that prices won't go up and that's really important,” Mills said.
“Sometimes it's hard, as a regulator, for you to say that to people, your prices will go up. But rising inflation means rising inflation for businesses as well.”
simoney.kyriakou@ft.com
