Regulators align priorities ahead of Consumer Duty

FCA and FOS get ducks in a row before new principle introduced

Jenna Brown
clock • 2 min read

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...

To continue reading this article...

Join Professional Adviser

  • 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 Consumer Duty

Industry Voice: Consumer Duty products and services — building blocks for demonstrating value

Industry Voice: Consumer Duty products and services — building blocks for demonstrating value

Ryan Medlock, Senior Investment Development Manager at Royal London, looks at the Consumer Duty Products and Services outcome.

Ryan Medlock, Senior Investment Development Manager at Royal London
clock 25 May 2023 • 4 min read
Threesixty debuts interactive Consumer Duty e-learning course

Threesixty debuts interactive Consumer Duty e-learning course

Educational offerings targets regulated firms and starts from £25

Hope William-Smith
clock 24 May 2023 • 1 min read
Chris Davies

Proof of value: Seven steps to comply with Consumer Duty

'This was always going to be a big challenge for adviser firms'

Chris Davies
clock 22 May 2023 • 5 min read