FCA

Wholesale exemption would ‘adversely affect the Duty’s objectives’

Some changes appear to be ‘lacking in any substance,’ commentators say

Bank accused of missing basic due diligence checks as £34m was deposited into WealthTek client account

Includes redress changes and wholesale Consumer Duty review

To help consumers make better financial decisions

Regulator asked to report on how well rules are working

Reduced from six to four months for complete applications

First phase intended to ‘reduce burden’ on firms

Follows joint call for input and government proposals

Will track the Bank of England’s base (average) rate +1%