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Britain's financial watchdog to toughen consumer protection

By Reuters

LONDON (Reuters) – Britain’s financial watchdog on Friday proposed a tougher “duty” on companies to protect consumers from scams and mis-selling, saying it will drive a shift in culture and behaviour.

“The package of measures we are proposing will enhance our existing rules and is designed to tackle the harms we see in financial services markets, and their causes, as well as put consumers in a stronger position to make good decisions,”

Sheldon Mills, the Financial Conduct Authority’s executive director of consumers and competition, said in a statement.

(Reporting by Huw Jones; Editing by David Goodman)