FCA Tightens Grip on Consumer Contract Fairness with Crypto and Financial Examples

The UK Financial Conduct Authority (FCA) has detailed its regulatory powers under the Consumer Rights Act (CRA) 2015 to ensure fairness and transparency in consumer financial and crypto contracts. The regulator emphasized that unfair terms can lead to consumer redress, sharing several enforcement examples: a crypto firm halting storage fees exceeding £40,000 annually, an adviser dropping an £800 complaint fee, a travel insurer paying £18,000 in redress for unclear delay terms, and a lender tweaking pre-launch product terms. FCA urges firms to use plain language, regularly review contracts, and leverage complaint data, while inviting consumers to report unfair terms.