The Financial Conduct Authority (FCA) has clarified its regulatory expectations for firms working together to manufacture products or services, in light of the Consumer Duty rules, which it said had created difficulties.
In a statement released today (8 December), the FCA said it wanted to help firms understand its expectations on co-manufacturing and "provide them with confidence to apply the rules in a proportionate way". The regulator said it planned to review existing rules and consult on amendments next year. The statement was part of a wider package of measures designed to "empower retail investment, reinforce wholesale markets and maintain the UK's position as a world-leading financial centre". On co-manufacturing, it stated that the Consumer Duty sets rules for firms manufacturing products...
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