Concerns raised over FCA's 'woolly' consumer duty plans

'Little to no impact on firms already not meeting obligations'

Julia Bahr
clock • 4 min read

The Financial Conduct Authority (FCA) has put forward a number of consumer duty proposals to drive a shift in the mindset of firms, however, some industry experts have raised concerns the plans remain "somewhat theoretical and woolly."

The plans are based on the regulator's concerns that some financial services firms do not work well for consumers. The regulator said the proposed rules would ensure a higher and more consistent standard of consumer protection for users of financial services and will tackle harmful practices. "Firms will have to provide consumers with information they can understand, offer products and service that are fit for purpose and provide helpful customer service," it said. Reaction from industry commentators was mixed. Tim Fassam, director of government policy and relations, said PIMFA was sl...

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

Abuse victims must not be 'blocked' from redress, group urges

Abuse victims must not be 'blocked' from redress, group urges

In response to FCA and FOS consultation paper

Jen Frost
clock 12 May 2026 • 3 min read
FCA receives 210 whistleblower complaints over Consumer Duty in Q1

FCA receives 210 whistleblower complaints over Consumer Duty in Q1

Closed 265 whistleblowing cases between January and March

Michael Nelson
clock 11 May 2026 • 2 min read
Ex-investment adviser sentenced to additional prison time

Ex-investment adviser sentenced to additional prison time

Richard Faithfull failed to pay back £529,961

Sophia Panayi
clock 11 May 2026 • 2 min read