City of London minister Andrew Griffith is concerned Consumer Duty could unleash spurious lawsuits from claims management companies, according to a report in the Financial Times.
Griffiths is reportedly sympathetic to financial bosses concerns that Consumer Duty is a burdensome workload and risks triggering lawsuits from customers.
The minister wants to avoid a ‘compensation culture’ with vexatious claims, according to the report.
He also worried that the regulatory burden conflicts with the Treasury’s aim of trying to relax City rules to seize upon the ‘Brexit opportunity’.
Now he is keen that the Financial Conduct Authority makes Consumer Duty ‘fair and
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