Regulatory Alerts2018-07-16
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FS19/2: A Duty of Care and Potential Alternative Approaches – Summary of Responses and Next Steps
The Financial Conduct Authority summarizes stakeholder responses to its Discussion Paper on introducing a new duty of care or alternative regulatory approaches. The Authority identifies reviewing the application of the existing regulatory framework and revising the Principles for Businesses as the primary options for enhancing consumer protection. It explicitly rejects using primary legislation for a statutory duty at this stage, noting that such changes require Parliament, but commits to publishing a further paper in autumn 2019 seeking detailed views on specific options for change.
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