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29 May 2024
The FCA’s proposed Consumer Duty: a broad overview
On 14 May 2021 the Financial Conduct Authority (FCA) published consultation paper CP 21/13: A new Consumer Duty a significant development whereby the FCA is proposing to introduce a new “Consumer Duty” for financial services firms dealing with consumers. The FCA’s proposals are driven by a desire to ensure that “retail clients” have access to the range of products and services that meet their needs and offer fair value. The protections apply to a broader demographic than just consumers a term which in consumer protection legislation refers to individuals acting for purposes outside their trade business craft or profession. Retail clients are all clients other than professional clients and eligible counterparties and so can include some corporate clients.
The proposed Consumer Duty has three elements:
- The Consumer Principle: this will be included in the FCA Handbook’s...
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