FCA consults on the new Consumer Duty

07 December, 2021
The FCA has published CP 21/36 which includes proposed new rules and guidance setting out a Consumer Duty which it considers will "fundamentally shift the mindset of firms" and establish an appropriate level of care to consumers. The consultation is open until 15 February 2022 and the FCA expects to confirm any final rules by the end of July 2022. Read more

The FCA’s proposed new ‘Consumer Duty’ – what does it mean?

14 May, 2021
The FCA has published its long-awaited consultation on 'duty of care' which has morphed into a proposed package of measures intended to deliver better outcomes for consumers – together a new 'Consumer Duty'. The consultation, which is open until 31 July 2021, proposes: a new Consumer Principle that provides an overarching standard of conduct; and a set of Cross‑cutting Rules and four Outcomes that support the Consumer Principle. The proposals apply to regulated products and services sold to 'retail clients' which would include SMEs. Read more

Duty of Care – countdown to the much anticipated FCA consultation

10 May, 2021
Way back in 2019, the FCA published a Feedback Statement, summarising responses to its July 2018 Discussion Paper on the proposed introduction of a 'duty of care' and setting out its next steps.  In that Feedback Statement, the FCA said it would publish a further paper seeking detailed views on specific options for change. We are now expecting the much anticipated consultation this month. Read more