FCA's proposed Consumer Duty rules to have 'wide-ranging implications' on firms

In its consultation published on Friday (14 May), CP21/13: A New Consumer Duty, the regulator proposed to expand its existing rules to ensure firms provide a "higher level of consumer protection consistently, which will enable consumers to get good outcomes". The 56-page paper explains the areas of consumer harm the financial advice sector should address, and the new rules the FCA believes should do just that. It then puts forward questions, of which there are 27, that it wants firms to answer so it can then continue with its second consultation later this year. FCA executive director...