
The FCA had announced a review of the rules which financial services firms in the UK have to follow.
Consumer Duty has been a core shift in the regulatory environment and businesses are expected to deliver good outcomes for consumers when they buy financial products and services.
The regulator is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty.
The FCA in turn believe that reducing complexity of the FCA’s rulebook could lower costs for firms, encourage innovation and help support the risk appetite needed to support growth, ultimately boosting international competitiveness and the economy over the long-term.
The FCA's call for input can be found here: Review of FCA requirements following the introduction of the Consumer Duty | FCA
If you would like to discuss any aspect of the current regulatory environment, please contact us by emailing enquiries@rawlinsreg.co.uk
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