'Consumer Duty is not doing what it set out to do': What the industry wants from the wholesale review

Following Mansion House speech

Chancellor Rachel Reeves’ Mansion House speech and related Leeds Reforms unveiled earlier this month seek to change numerous areas of financial services regulation, from sustainable finance, to widening access for retail investors, to further cutting red tape in favour of growth.

One of the headline measures was commissioning the Financial Conduct Authority to carry out a review of how Consumer Duty – now two years old – applies to wholesale firms and whether they have been negatively affected by the mammoth consumer protection regulation. The chancellor noted there have been "concerns" around the application of the Duty to firms that primarily engage in wholesale activities. Rachel Reeves unveils 'most wide-ranging reforms' in Mansion House speech In the government's Financial Services Growth Strategy, part of the Leeds Reforms, the Treasury noted that res...