Financial services firms must do more to protect consumers, the UK’s Financial Conduct Authority said, as it proposed to strengthen its framework to force businesses to meet a higher and more consistent standard.

Under its plans to revise the Consumer Duty, firms will be required to place a higher focus on supporting and empowering consumers to make better financial decisions and avoid harm. Businesses must meet high standards of conduct, which it said would encourage firms to “compete vigorously” to gain new customers.