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ARTICLE · 10 OCTOBER 2023

A Step Forward For Consumer Protection But Proof Is In The Enforcement

Proskauer Rose LLP
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In July 2022, the Financial Conduct Authority published a policy statement (PS22/9)1 and final guidance (FG22/5)2 for its new 'Consumer Duty'. In the FCA's own words...

United KingdomConsumer Protection
John Verwey
John Verwey
Sulaiman Malik
Sulaiman Malik
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In July 2022, the Financial Conduct Authority published a policy statement (PS22/9)1 and final guidance (FG22/5)2 for its new 'Consumer Duty'. In the FCA's own words, the Consumer Duty "sets higher and clearer standards of consumer protection across financial services and requires firms to put their customers' needs first".

The Consumer Duty is directly applicable to FCA-authorised firms that provide products/services to retail customers. Other entities in the distribution chain may also be indirectly subject to the requirements, to the extent they have "material influence" over consumer outcomes. Such firms will need to "conduct their business to a standard which ensures an appropriate level of protection for retail customers".

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