FCA: Require consumer contract terms to be fair and transparent

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FCA reviews financial services firms’ consumer contracts under the Consumer Rights Act 2015 (CRA), requiring them to remove or amend unfair and opaque terms, and compensate consumers when harm is caused. Firms can also apply for a court injunction to prevent terms from being enforced, or seek a court order requiring compensation; cases include cancelling cryptoasset custody fees that could exceed £40,000 a year, and paying £18,000 in compensation to a customer whose travel insurance claim was wrongly rejected.