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ARTICLE · 06 JULY 2026

Consumer Duty: FCA Consults On Clarifications To Scope And Proportionality

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

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The FCA has published a consultation paper (CP26/23) on targeted changes to the scope and proportionality of the Consumer Duty, to clarify its application in wholesale markets.

United KingdomConsumer Protection
Marina Reason
Marina Reason
Hywel Jenkins
Hywel Jenkins
Kelesi Blundell
Kelesi Blundell
Chris Hurn
Chris Hurn
Jack Moore
Jack Moore
Clive Cunningham
Clive Cunningham
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The FCA has published a consultation paper (CP26/23) on targeted changes to the scope and proportionality of the Consumer Duty, to clarify its application in wholesale markets. 

Industry and the government have previously expressed concerns that the Consumer Duty has had a disproportionate impact on wholesale firms, creating friction and uncertainty in some cases. As part of its response to a request from the Chancellor (see our previous blog post), the FCA committed in September 2025 to an action plan that included consulting on potential changes to the Consumer Duty during the first half of 2026, to seek to address the identified issues. CP26/23 is therefore the culmination of a period of FCA activity and extensive engagement with industry.

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