The Financial Conduct Authority (FCA) has published an update on how the Consumer Duty continues to shape its work to support growth, simplify regulation, and maintain consumer protection.
The FCA said that the Duty remains central to its strategy to deepen trust, rebalance risk, and improve outcomes across financial services. The regulator noted that confident and informed consumers are more likely to engage with financial products and services – a key factor in driving sustainable growth and competitiveness in the UK market.
According to the FCA, the Duty’s focus on outcomes and flexibility has allowed the regulator to remove outdated or duplicative requirements, rather than introducing new rules.
The regulator said it continues to prioritise efficient authorisation processing for new firms, variations of permissions, and approvals under the Senior Managers and Certification Regime.
Further updates expected before the end of the year include targeted clarifications to the FCA Handbook, simplification of insurance rules, and consultation on changes to the client categorisation framework to ensure the Duty is applied proportionately.
Looking ahead, the FCA has emphasised that its work will continue ‘beyond 2025’, with a commitment to streamlining requirements and maintaining open dialogue with regulated firms. The regulator is encouraging firms to share ideas and feedback on how the Duty can continue to support growth and deliver better outcomes for customers.
Consumer Duty requirements review: update | FCA.
Also see the BVRLA’s Consumer Duty resources page.
