There is just over one month left to respond to the Financial Conduct Authority’s (FCA) call for input asking for views on whether, where and how it can refine its retail conduct rules, while ensuring it continues to support and protect consumers.
The FCA wants to see where it can simplify its retail conduct rules and guidance following the implementation of the Consumer Duty in July 2023. It particularly wants to address potential areas of complexity, duplication, confusion, or over-prescription, which create regulatory costs with limited or no consumer benefit to enable it to include appropriate flexibility into the rules to be responsive to future changes and innovation.
While the call for input is primarily focused on retail conduct rules and guidance, the FCA also invites views on its wider rules and guidance, including:
- which detailed rules or guidance could be simplified to rely on high-level rules, or have interactions with other rules which could be clarified
- how any steps to simplify the rules and guidance affect our statutory objectives
- the appropriate balance between high-level and more detailed rules
- the potential benefits and costs from simplifying the rules
- how different types of firms may be affected by changes
The call for input will primarily be of interest to:
- firms and industry bodies
- consumers and groups representing consumer interests
- policy makers and other regulatory bodies
The FCA alsos invite views from:
- industry advisers and consultancies
- experts and commentators
- academics and think tanks
Comments should be submitted by 31 October 2024 HERE.