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ARTICLE · 18 JANUARY 2023

Regulation Update

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The biggest regulatory development in 2023 for many will be the new FCA ‘Consumer Duty'.

United KingdomConsumer Protection
Greg Allan
Greg Allan
Marion Bennett
Marion Bennett

The FCA Consumer Duty

The biggest regulatory development in 2023 for many will be the new FCA 'Consumer Duty'.

The Consumer Duty replaces and brings in higher standards than the previous applicable regime – treating customers fairly (principle six), and clear, fair and not misleading communications (principle seven). This forms part of the FCAs transformation into a more assertive and data-led regulator. The FCA is keen to stress that in the current economic climate it is more important than ever that consumers are able to make good financial decisions!

This applies (among others) to financial brokers and so in practice includes motor dealers – and comes into force on 31 July (for all new and existing products and services).

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