FCA: Consumer Duty 'very different way of doing regulation'

FCA wants Consumer Duty embeded within organisations

Kathleen Gallagher
clock • 2 min read

Consumer duty regulation will be a “very different way of doing regulation,” the chief operating officer of the Financial Conduct Authority (FCA), Emily Shepperd has said.

Speaking in an interview on Following the Rules podcast, the COO said the upcoming regulation was going to be different for the regulator and the companies it oversees. "We want people to get the spirit of it and embed it within the organisation," she said. "We need it to be flexible as larger firms will embed it differently than smaller firms." She went on to say the new regulation looks to tackle the flaws of its predecessor Treating Customers Fairly, which she said had "become a tick box exercise". "I know because I did some of that and created those boxes to tick," she added. ...

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