Sheldon Mills, executive director of consumers and competition at the FCA, has claimed that Consumer Duty has been a great success in a speech at an event celebrating the Duty’s anniversary.

The number of people struggling to meet financial commitments has fallen by 3.5m since last year, according to new figures published today by the FCA.

Firms must engage better with ‘less engaged’ and ‘gone away’ clients as the Consumer Duty deadline on closed products looms, the FCA has said.

The FCA says some progress has been made in encouraging providers to increase savings rates but too many accounts - especially closed accounts - let savers down by paying derisory rates.