Consumer Duty & TurkishBank UK

Consumer Duty has become one for the key topics and focus areas of the FCA in recent times. This area has been accelerated by recent events like the pandemic and cost of living concerns.  The focus on Consumer Duty comes at the same time as the regulator is undertaking its own transformation to become more proactive and innovative.

In line with TurkishBank Group’s core values, at TurkishBank UK, providing good outcomes for consumers has always been at the heart of our service model as a community bank serving to Turkish speaking community in the UK.  There has been consistent efforts to constantly increase consumer experience and ensure customers get full support at all stages of their experience with TurkishBank UK.  Accordingly, TurkishBank UK is fully committed to meet and exceed the principles of Consumer Duty and to this end formed a number of working groups to see further enhancements in line with the best practices of the market.

Consumer duty in banking is crucial for protecting customers, fostering trust, promoting financial inclusion, encouraging responsible practices, providing redress, and ensuring regulatory compliance. It prioritizes customer interests, prevents misleading practices, and promotes transparency. It also promotes fair access to financial services, responsible lending, and effective dispute resolution.

By upholding consumer duty, TurkishBank UK contributes to a responsible and ethical banking environment that benefits both its valuable customers and the wider industry.