Consumer Duty defended following minister's comments

A 'worthwhile initiative'

The Investing and Saving Alliance (TISA) has defended Consumer Duty regulation following critiques from a City of London minister.

TISA's head of technical policy, Lisa Laybourn, yesterday (27 February) said the Financial Conduct Authority's (FCA) regulation was a "worthwhile initiative that will refocus providers needs of the consumer". She added that "many firms have already made significant progress in operationalising the Duty". The comments followed a report by the Financial Times that City of London minister, Andrew Griffith, had raised concerns the rules could harm the financial services industry, add to regulatory burden and lead to lawsuits. The comments, which were made at a private dinner with senior m...