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

Must prevent consumer harm

Sophie King
clock • 6 min read

The Financial Conduct Authority (FCA) has said the proposals in its new paper will have ‘wide-ranging implications for 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...

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 stands firm on not advocating for legislative change on AI

FCA stands firm on not advocating for legislative change on AI

‘That is the appropriate proportionate response’

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA deputy CEO confirms simplified advice rules will  be published 'soon'

FCA deputy CEO confirms simplified advice rules will be published 'soon'

Sarah Pritchard speaks at the Investment Association Annual Dinner

Sophia Panayi
clock 22 October 2026 • 2 min read
FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

FCA bans and fines ex-CEO after misconduct led to £4m losses in mini-bonds

Vector Wealth’s Jeffrey Dawkins fined almost £270,000

Sophia Panayi
clock 21 October 2026 • 1 min read