FCA rethinks 'duty of care' proposals after mixed response

Follows 2018 discussion paper

The Financial Conduct Authority (FCA) will reassess the application of its regulatory framework and consider new consumer powers after facing opposition to proposals to impose new rules on firms covering "duty of care".

Responses to the regulator's July 2018 discussion Paper A duty of care and potential alternative approaches, published today (23 April), dismissed the idea of new legislation, which would place new legal requirements on regulated firms to act in the best interest of customers. Asset managers prepare for SMCR challenge as FCA begins to 'bare its teeth' Respondents said the plan was unnecessary, covering requirements already embedded in existing regulation suc as the Senior Managers and Certification Regime, while others warned a new statutory requirement would be difficult to apply to ...