MPs back calls for 'fiduciary duty' on all firms

clock

A group of MPs have backed calls by the Financial Services Consumer Panel (FSCP) for firms to sign up to a 'fiduciary duty' under the new regulatory system.

The Financial Services Bill is currently in its committee stages, with MPs scrutinising the objectives of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), the successors to the Financial Services Authority. Calling for "genuine consumer protection" last year, the FSCP suggested an amendment to the Bill, saying "authorised persons should have a fiduciary duty towards the consumers who are their clients". The amendment has now been proposed by one Social Democratic and Labour Party MP and two Labour MPs, including shadow financial secretary to the Treasur...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA publishes pensions regulatory priorities report

FCA publishes pensions regulatory priorities report

Regulator sets out key priorities amid significant industry transformation

Martin Richmond
clock 12 March 2026 • 4 min read
Treasury proposals spark AR liability fears

Treasury proposals spark AR liability fears

Not expected to have ‘material’ impact on PII market but creates more risk

Isabel Baxter
clock 11 March 2026 • 4 min read
Pension experts supportive of VfM proposals but warn 'challenges remain'

Pension experts supportive of VfM proposals but warn 'challenges remain'

Responses to consultation on VfM framework for DC schemes

Holly Roach
clock 10 March 2026 • 6 min read