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’.