City of London minister Andrew Griffith has raised concerns that the Financial Conduct Authority’s (FCA) Consumer Duty rules could harm the financial services industry and lead to a flurry of lawsuits, putting him at odds with the regulator.
According to a report by the Financial Times, at a recent private dinner with senior members of the industry, one insider in the sector told the newspaper that Griffith was "scathing" over the reform. Another source said he had harshly criticised the FCA's consumer protection overhaul. Sources claimed that Griffith is concerned that Consumer Duty will place further regulatory constraints on the financial services sector just as the Treasury is attempting to reduce the regulatory burden imposed by laws inherited from the EU as part of "a Brexit opportunity". Ministers asked the FCA to...
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