The Financial Conduct Authority (FCA) is seeking views from the industry to streamline its financial services rulebook as it looks to reduce burdens on firms as part of its secondary competitiveness and growth objective.
In a call for input on Monday (29 July), the UK's financial watchdog said it is looking to identify how it can simplify its requirements through greater reliance on high-level rules, while ensuring continued support and protection for consumers. The aim is to remove detailed and prescriptive requirements from its handbook that overlap with the Consumer Duty, following its introduction in July 2023 and the implementation deadline on Wednesday (31 July). According to the FCA, adding clarity to its rulebook could reduce costs for firms, encourage innovation, and support the risk appetite...
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