FCA launches review to simplify financial services rulebook after Consumer Duty

Secondary competitiveness objective

The Financial Conduct Authority is seeking views from the industry to streamline its rulebook, as the regulator looks to reduce burdens on firms as part of its secondary competitiveness and growth objective.

In a call for input on Monday (29 July), the UK's financial watchdog said it is looking to identify how it can simplify its requirements through greater reliance on high-level rules, while ensuring continued support and protection for consumers. The aim is to remove detailed and prescriptive requirements from its handbook that overlap with the Consumer Duty, following its introduction in July 2023 and the implementation deadline on Wednesday (31 July). FCA to overhaul UK prospectus rules with 'more efficient' capital raising regime According to the FCA, adding clarity to its rulebo...