The Financial Conduct Authority’s call for input for its review of the financial services rulebook following the implementation of Consumer Duty is coming to an end.
As today (31 October) marks the deadline to provide feedback, industry professionals have welcomed the regulator's move to simplify the rules, but have warned it to stay away from "ambiguity". This is due to the nature of Consumer Duty and, more specifically, its outcome-based approach to regulation. As such, Michael Shand, managing principal at consultancy Capco, noted the interpretation of such outcomes is down to the individual firms, through the use of data and evidence. FCA launches review to simplify financial services rulebook after Consumer Duty However, he argued the wa...
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