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

Lords warns financial services bill could weaken regulators' accountability

Lords warns financial services bill could weaken regulators' accountability

Open letter to investment minister

Michael Nelson
clock 19 June 2026 • 2 min read
Designing bereavement around people, not paperwork: Surviving the FCA review

Designing bereavement around people, not paperwork: Surviving the FCA review

Only 47% of bereaved families feel adequately supported by financial firms

Lisa Lund
clock 18 June 2026 • 6 min read
Rathbones review puts FCA client cash crackdown in the spotlight

Rathbones review puts FCA client cash crackdown in the spotlight

Wider implications for the DFM sector

clock 18 June 2026 • 5 min read