Industry rejoices at FCA's shift away from prescription but standards must be upheld

Following strategy and Consumer Duty review

The financial services industry has overwhelmingly welcomed the Financial Conduct Authority’s decision to review its entire rulebook for a more streamlined and outcomes-based approach to supervision and regulation.

In its Consumer Duty review today (25 March), the regulator revealed it would be looking at simplifying regulation and getting rid of repetitive and/or conflicting requirements in favour of a nimbler handbook to promote innovation, competition and growth. FCA pledges to 'become more efficient and effective' in five-year plan The review was released alongside the watchdog's five-year strategic plan, which put forward ways it could facilitate and nurture growth not only in financial services but in the economy as well, as repeatedly emphasised and requested by the government in recent m...