'Consumer Duty not doing what it set out to do': What the asset management industry wants from the wholesale review

One of the headline measures was commissioning the Financial Conduct Authority (FCA) to carry out a review of how Consumer Duty – now two years old – applies to wholesale firms and whether they have been negatively affected by the mammoth consumer protection regulation. The chancellor noted there have been "concerns" around the application of the Duty to firms that primarily engage in wholesale activities. In the government's Financial Services Growth Strategy, part of the Leeds Reforms, the Treasury noted that responses to a recent call for evidence showed a "consistent feeling that ...