FCA wants input on how Consumer Duty overlaps with existing rules
By 
Aaron Nicodemus2024-07-30T19:11:00
The U.K. Financial Conduct Authority (FCA) is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.
Last year, consumer duty obligations took effect for U.K. financial services firms, setting higher standards of consumer protection for customers buying financial products and services.
The FCA has launched a review and would like to hear from member firms about which FCA rules can be removed or reduced because they overlap with the consumer duty rule. The goal is to reduce burdens and promote growth, the agency said.
Related articles
-
News BriefStarling Bank fined $38.5M for repeatedly onboarding high-risk customers
The U.K.’s Financial Conduct Authority fined Starling Bank, Britain’s first digital bank, nearly 29 million pounds (U.S. $38.5 million) for repeated failures related to onboarding high-risk customers.
-
PremiumExperts warn FCA review prompts firms to declassify or retain PEPs
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
-
PremiumFCA: Most banks don’t subject U.K. politicians to excessive risk checks
The U.K.’s Financial Conduct Authority asked banks and financial institutions “to do more” to ensure that U.K lawmakers and their families are not treated unfairly.
More from Regulatory Policy
-
ArticleOCC proposes dropping its ‘recovery plan’ requirements for big banks
Less than a year after a new rule required more of the U.S.’s biggest banks to draft “recovery” plans in case of failure, the rule is on its way out.
-
ArticleNavigate SEC cautiously during shutdown, experts advise
The U.S. government shutdown has brought most operations at the Securities and Exchange Commission (SEC) to a screeching halt, but that doesn’t mean compliance teams should be taking a breather, experts advised.
-
ArticleComplying with the EU Data Act – What companies should know
Companies could face significant compliance challenges in trying to meet new EU legal requirements about how companies share data with third parties.