The Financial Conduct Authority’s (FCA) move to remove the Consumer Duty board champion role has been met with a mixed reaction, with concerns raised as to whether this comes too soon.
In a letter addressed to prime minister Keir Starmer last week (17 January) signed by FCA CEO Nikhil Rathi, the watchdog confirmed it is working to remove unnecessary regulation and reduce how much data some firms must provide. Plans to remove the Consumer Duty board champion role were pointed to in the letter. Concerns raised The Lang Cat consulting director Mike Barrett raised concern that the regulator may be axing the role too soon. The Consumer Duty champion position was created by the FCA to ensure the Duty is regularly raised and discussed at board level. For in-scope firm...
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