FCA launches review to simplify rulebook after Consumer Duty

Secondary competitiveness and growth objective

Valeria Martinez
clock • 2 min read

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Sarah Pritchard named FCA's deputy CEO

Sarah Pritchard named FCA's deputy CEO

Promoted to the newly created role

Jenna Brown
clock 11 June 2025 • 1 min read
FCA partners with international regulators on 'rogue' finfluencers

FCA partners with international regulators on 'rogue' finfluencers

Crackdown on illegal financial promotions

Isabel Baxter
clock 06 June 2025 • 3 min read
FCA updates Enforcement Guide

FCA updates Enforcement Guide

Adds to ‘name and shame' proposals

Jenna Brown
clock 03 June 2025 • 2 min read