FCA slashes reporting complexity in Consumer Duty overhaul proposals

Published today (29 June), the Consumer Duty – Scope and Proportionality consultation paper sets out how the FCA plans to give firms confidence that the Duty does not apply to wholesale activities that are clearly outside its scope. It also said the Duty should be applied "in a proportionate manner" and that firms should not be required to duplicate or ‘gold-plate' requirements. The consultation proposes removing business for non-UK customers from the Duty's scope where there is no clear UK link as its flagship alteration, while suggesting clearer boundaries around what is out of scop...