State Attorneys General Practice | Cozen O'Connor’s Post

The #FTC Final Rules keep rolling in, but with a twist. Each of the two Final Rules released in March were accompanied by Supplemental Notices of Proposed Rulemaking. In both cases, the Supplemental Rulemakings, if adopted, would greatly expand the reach of the newly adopted Rulemakings. Bezalel Stern explains more in the latest update to our FTC Regulation Tracker:

The #FTC Final Rules keep rolling in, but with a twist. Each of the two Final Rules released in March were accompanied by Supplemental Notices of Proposed Rulemaking. In both cases, the Supplemental Rulemakings, if adopted, would greatly expand the reach of the newly adopted Rulemakings. Bezalel Stern explains more in the latest update to our FTC Regulation Tracker:

It’s interesting that data is such an area of focus for the regulator with respect to #ConsumerDuty. Here’s some: “In a survey of 14,186 clients, 90% said using Money Alive as part of the advice process had helped their decision making, 94% said they were better informed.” #financialadviser #financialplanning

Discover how the EU's newly adopted consumer-protection rules will revolutionize compensation for damages caused by defective products, including psychological harm and data loss. Learn why this is a pivotal moment for consumers and businesses in the era of online shopping and emerging technologies 👇 https://lnkd.in/gvmn65MQ Next step: The directive needs to be formally approved by the Council of the EU as well.

What additional rules and guidance have been imposed by the Consumer Duty? In our video, we discuss what actually makes a customer 'vulnerable', as well as the measures firms should have in place to ensure good outcomes for them. Watch them: https://lnkd.in/exwYMBju

Consumer protection will be overhauled in the upcoming Digital Markets, Competition and Consumer Bill, creating a new and substantial risk for consumer-facing businesses in all industries. Consumer and competition policy expert, David Stallibrass, guides you on what you need to know to stay ahead of the developments. Read now https://bit.ly/3RkD0g8 #DMCCbill #UKconsumerlaw #consumerprotection 

Worried about Consumer Duty 🧨 Protect your business and ensure your clients are put on the best possible financial products with Communicate. We Scan and Automate all messages to your Advisers and Clients when a Lower Rate is Available - protecting your business in the event of a Consumer Duty Complaint 📉 Book a call with Twenty7tec to find out more.

Companies, please note that the inclusion of hidden fees is under review by international consumer protection authorities! While the FTC proposal applies in the United States, it may be replicated in other countries. In this article, we explain what junk fees are, in which sectors these types of charges are most common, and how to identify them in order to avoid incurring in this conduct and being sanctioned. Tell us in the comments what you think of this proposal: Will it be successful? Read the full article here: https://lnkd.in/dK9nNuPD #HiddenFees #ConsumerProtection #FTC #InternationalWarning

FTC Issues Proposed Rule on Junk Fees: § 464.2 Hidden Fees Prohibited (a) It is an unfair and deceptive practice and a violation of this part for any Business to offer, display, or advertise an amount a consumer may pay without Clearly and Conspicuously disclosing the Total Price. (b) In any offer, display, or advertisement that contains an amount a consumer may pay, a Business must display the Total Price more prominently than any other Pricing Information. § 464.3 Misleading Fees Prohibited 157 (a) It is an unfair and deceptive practice and a violation of this part for any Business to misrepresent the nature and purpose of any amount a consumer may pay, including the refundability of such fees and the identity of any good or service for which fees are charged. (b) A Business must disclose Clearly and Conspicuously before the consumer consents to pay the nature and purpose of any amount a consumer may pay that is excluded from the Total Price, including the refundability of such fees and the identity of any good or service for which fees are charged. Notice of Proposed Rulemaking: Unfair or Deceptive Fees (ftc.gov) #ftc #consumerprotection #junkfees

Are you prepared for the next phase of consumer duty? July 31, 2024, marks the first anniversary of the duty for open products and the start date for closed products. A recent article in Financial Adviser reflects on the first 12 months and what lies ahead. The results might surprise sceptics. The FCA has taken a proactive stance in year one, and year two promises even more rigorous enforcement. Read the full article here: https://bit.ly/4cCghV9. The FCA's 'Dear CEO' letters highlight critical focus areas: - Gaps in customer data - Fair value - Treatment of vulnerable consumers - Disengaged customers - Vested contractual rights At insight6, we specialise in helping financial services firms navigate these challenges. A clear and documented CX strategy, backed by engaged employees, ensures you meet and exceed Consumer Duty requirements. Are you ready to put the customer at the heart of your business? Contact us today. #CustomerExperience #ConsumerDuty #FinancialServices #RegulatoryCompliance