Regulatory Update - Consumer Duty; Let the rule changes begin

David Morrey and Ben Farmer dive into the latest key regulatory update topics, which include:

• Consumer Duty: discussion of the Consumer Duty one year after its establishment, focusing on the consequential changes and the FCA's call for input on updating the handbook to align with the Consumer Duty principles
• Handbook changes: insights into the Financial Conduct Authority’s (FCA) request for firms to identify areas in the handbook that create complexity or confusion, potentially leading to updates in the handbook
• Commercial insurance: examination of the definition of a consumer in the context of commercial insurance, with a discussion on potential changes to align with the Consumer Duty's scope
• Defined contributions pension schemes: a consultation on changing the rules for value for money assessments in defined contributions pension schemes to align with Consumer Duty standards
• Motor finance complaints: update on the FCA's review of motor finance complaints, including an extension of the pause on handling complaints and the likelihood of a consumer redress scheme
• Enforcement case: a £250 million enforcement case involving H2O Asset Management, focusing on investment due diligence failures and misleading the FCA

Do you need guidance on the Consumer Duty? You can get regular updates from our dedicated hub. Visit our Consumer Duty Hub here. 

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