Describe the FCA's approach to consumer protection?

The FCA's approach to consumer protection is primarily centered on promoting competition and ensuring that firms act in the best interests of consumers. This is crucial because a competitive marketplace typically leads to better choices, prices, and services for consumers. By fostering competition, the FCA helps to create an environment where consumers can easily compare different financial products and services, which empowers them to make more informed decisions.

Additionally, the FCA implements regulations and frameworks that require firms to prioritize consumer needs, encouraging transparency and fairness in financial dealings. This means that consumers can expect firms to provide clear information about products and services, making it easier for them to understand the risks and benefits associated with their financial decisions.

Furthermore, the FCA aims to prevent firms from engaging in practices that could harm consumers, such as misleading advertising or charging unfair fees. By focusing on both competition and consumer interests, the FCA strives to promote a healthy financial sector where consumers are treated fairly and have access to the best possible products and services.