Financial regulators have been working together ahead of the implementation of the Consumer Duty to ensure their work on the landmark regulation change is in alignment.
Preparations included the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme working together with the Financial Conduct Authority (FCA) to review drafts of the regulator's consultation, policy statement, instruments and non-handbook guidance. The work was outlined by the financial ‘regulatory family' group in its Wider Implications Framework (WIF) annual report for 2022, released today (19 April). The report also highlighted that the FCA held a workshop for the FOS on the Duty. It also said: "The FCA and the FOS have worked together to meet with external...
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