FCA commits to Consumer Duty changes to 'remove disproportionate burdens'

In a letter addressed to chancellor Rachel Reeves, FCA CEO Nikhil Rathi said the regulator has "listened carefully" to the feedback it has received, setting out a four-point action plan to address concerns around when and how the Duty applies during business activities. In doing so, Rathi said the FCA is "rebalancing risk" as part of its strategy, developing metrics that articulate the Government's "degree of tolerance for consumer harm", as well as potential incidents of significant consumer detriment. Shared risk appetite across government, parliament and the FCA "could help", Rathi...