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.
Alexandra Green | Macfarlanes
The aim of the reforms is to rebalance risk and allow firms to make well-founded assessments of whether a client meets the threshold of a professional client.
The FCA, PRA and HM Treasury have each issued consultations setting out reforms to the SMCR.
Macfarlanes assess regulatory accountability issues and how they should be addressed.