FCA pledges to cut red tape
05 August 2024
The FCA has conceded that Consumer Duty rules are overlapping with existing regulation and will now look to strip back red tape and “streamline” its regulatory rulebook.
The financial watchdog said in a statement last week it has launched a review of financial services rules – and has called on the industry to “identify rules which could be removed”.
The statement came exactly one year after the launch of Consumer Duty, a major package of consumer guardrails which some have criticised for the regulatory burden the place on companies. In July, Shroeders’ Peter Harrison told City A.M. the changes had been a “headache” that required “tens of thousands of pages of work”.
He did add that it was ultimately a positive shift.
“The Consumer Duty marked a major shift for firms and consumers by setting higher and clearer standards of consumer protection and requiring firms to put their customers’ needs first,” said FCA chief Nikhil Rathi.
“We now want to seize the opportunity of the Duty and the move to a clear outcomes-based approach to streamline our rulebook, lowering costs for businesses and supporting the competitiveness and growth of the economy.”
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