FCA Under Pressure: Did The New Consumer Duty Just Get Extra Teeth?!

As the Financial Conduct Authority (FCA) receives criticism for failing to protect consumers in this case, this adds weight to the FCA's argument for their proposed new Consumer Duty based on outcomes.

It does, however, raise the question over whether the proposed Consumer Duty is a real reflection on the failings of regulated firms, a failure of the current regulatory regime, a politically driven reaction or perhaps a mixture of all three.

Whatever the reason, it seems the move to stronger regulation is gathering momentum, however, wasn't this the reason for the FCA replacing the Office of Fair Trading in the first place?!  Does this suggest the FCA has failed in a similar manner, perhaps so far at least.