The deadline to respond to the Financial Conduct Authority’s (FCA's) call for input on post-Consumer Duty rule reviews kicks in on Thursday (31 October), with one provider having cautioned that it “may be a little premature to reach firm conclusions” based on feedback.
The call for input was launched last July as a response to potential duplication, complexity or confusion between pre-existing rules and Consumer Duty, which came into play on 31 July 2023. Broadly, the move to simplify existing rules has been welcomed by financial services firms. However, concerns have been flagged that the input process may have started too soon following the bringing in of landmark outcomes-based Consumer Duty regulation. Further, the regulator has been cautioned that over-simplification could have unintended consequences. "Looking ahead, we hope the willingness...
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