The Financial Conduct Authority has proposed reducing the Consumer Duty burden on wholesale financial businesses involved in retail markets, as well as moving firms with non-UK clients out of scope.
In the FCA's consultation paper CP26/23: Consumer Duty – scope and proportionality, the regulator claimed that under its proposals firms will benefit from: Removing business for genuinely non-UK customers from Consumer Duty's scope where there is no clear UK link or reasonable expectation of UK protection. Clearer boundaries around what is out of scope, so they can focus on running their business rather than having to show that the Duty does not apply. More clarity on firms' responsibilities when they work together, including across distribution chains and in the design of complex ...
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