FCA rulebook review input call could be 'a little premature'

Deadline for post-Consumer Duty rule change feedback is 31 October

Jen Frost
clock • 2 min read

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...

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

FOS CEO Abby Thomas steps down

FOS CEO Abby Thomas steps down

James Dipple-Johnstone and Jenny Simmonds will cover

Isabel Baxter
clock 07 February 2025 • 1 min read
Regulator soft launches £2.5m scam checker tool to help protect consumers

Regulator soft launches £2.5m scam checker tool to help protect consumers

‘FCA Firm Checker’ is live for small number of users

Isabel Baxter
clock 05 February 2025 • 1 min read
CII adds two executive directors

CII adds two executive directors

Effective early March

Isabel Baxter
clock 04 February 2025 • 1 min read