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

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

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

Supreme Court remits £14bn class action against Mastercard back to Competition Appeal Tribunal for reconsideration of certification

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