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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
On 15 July, the UK Financial Conduct Authority (FCA) published its 2021/22 Business Plan. In our briefing, we highlight key points from Mr Rathi's speech, drawing on additional context provided by the Business Plan. We then discuss the priorities which FCA has set out in the Business Plan itself. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for June 2021.Read more
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
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
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for May 2021.Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for February 2021.Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for January 2021.Read more
Earlier today the Supreme Court handed down its hotly-anticipated judgment regarding the certification of an opt-out competition collective action brought by Walter Merricks against Mastercard. The claim is seeking £14bn in damages on behalf of some 46.2 million UK consumers, in respect of losses alleged to have resulted from the use of anti-competitive multilateral interchanges fees. Read more
