The Financial Services Authority (FSA) has put out a consultation on guidance for non-executive directors to ensure customers are treated fairly.
The regulator says it expects non-executive directors “to play a pivotal part” in ensuring firms meet responsibilities.
Clive Adamson, director of supervision at the FSA’s conduct business unit, says: “Non-executive directors have a duty to challenge the management of their firms where they believe the firm could do more to ensure that customers get fair treatment.
“Our consultation sets out the clear expectations that we have for non-executive directors and we expect them to play their part by considering this carefully.”
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