FCA's COO Shepperd: Consumer Duty 'very different way of doing regulation'

‘More of a guidance’

Consumer duty regulation will be a “very different way of doing regulation,” the chief operating officer of the Financial Conduct Authority, Emily Shepperd has said.

Speaking in an interview on Following the Rules podcast, the COO said the upcoming regulation was going to be different for the regulator and the companies it oversees. "It is more of a guidance than anything else," she said. "The reason it is a guidance is because we want people to get the spirit of it and embed it within the organisation. We need it to be flexible as larger firms will embed it differently than smaller firms." She went on to say the new regulation looks to tackle the flaws of its predecessor Treating Customers Fairly, which she said had "become a tick box exercise...