Bosses at City firms could face fines for failing to prioritise consumers

FCA's new rules are expected to help reduce call wait times, end rip-off charges and make it easier to change investments

Senior bosses at City firms could face fines and have their bonuses docked if they fail to put consumer needs first, in one of the biggest overhauls of financial regulation in a decade.

Rules being rolled out by the Financial Conduct Authority (FCA) will force financial firms - including banks, insurers and investment firms - to focus on delivering good outcomes" for customers, in a move expected to reduce call wait times, end rip-off charges and fees through clearer promotions, and make it easier to cancel or switch investments.