The framework for future regulation and implementation of the Consumer Duty are among the key topics in the Financial Conduct Authority’s (FCA) round up of 2023.
Covering key regulations relevant to FCA-regulated members, the announcement from the FCA also gives a good indication of how the Authority is likely to proceed in reviewing the work done to implement the Duty. The article summarises the work the FCA has done so far in the insurance and retail banking industries to follow on from the Duty being implemented in those sectors. Also covered are guidance and good practice examples shared by the FCA from its reviews.
The FCA helped deliver a new framework for the future of regulation, implementing a new secondary objective to promote competitiveness and long-term growth. The FCA is working with new parliamentary committees on enhanced accountability mechanisms to reflect its greater policy making powers following the UK’s departure from the European Union. As part of that, an ambitious programme has also been announced to review rules to ensure they remain right for the UK market.
See Duty calls: Future-proofing finance for everyone on the FCA website. Email the BVRLA Compliance team at [email protected] with any questions.
