Streamlining Consumer Duty – A Welcome Update From The FCA

In recent years, implementation of the FCA Consumer Duty regime has been a significant challenge for most financial services firms. The cross-cutting rules, by their nature, are difficult to interpret and apply especially in a wholesale context, such as in the case of alternative asset managers that use private wealth distribution channels. The FCA has recently published a series of updates on the progress of its Consumer Duty work, re-emphasising its focus on supporting growth and streamlining the regulatory requirements. The regulator's stated objective is to achieve more flexibility, predictability, and improved efficiency for firms.

For more background on the FCA's Consumer Duty initiatives please see our previous articles: