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The Financial Conduct Authority (FCA) has launched a consultation on proposed changes to the Consumer Duty, aimed at providing greater clarity on where the Duty applies and supporting a more proportionate approach to its implementation.
The consultation proposes removing business with non-UK customers from the scope of the Duty, clarifying when firms can rely on each other within distribution chains, explaining how the Duty interacts with existing product governance rules, and providing greater certainty on where the requirements do and do not apply.
The proposals are expected to be of particular interest to firms operating within complex distribution chains, those involved in manufacturing retail products or services, firms with a role early in the distribution process, and businesses serving retail customers outside the UK.
The consultation closes on 18 September 2026. Members wishing to review the proposals can access the consultation on the FCA website: CP26/23 Consumer Duty: scope and proportionality | FCA
Any questions can be directed to [email protected].
