The FCA has published its proposed rules to meet the government’s commitment in last year’s Leeds Reforms to provide more certainty on the scope and application of the Consumer Duty. The FCA has said that the Duty is being applied more widely and intensively than needed, leading to unnecessary cost,
All you need to know about cutting back Consumer Duty
The FCA’s consultation CP26/23 will interest wholesale firms that do not directly serve retail clients but felt forced to change their business when the Consumer Duty was first introduced.