Regulatory Alerts2024-07-24
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FS25/2: Immediate areas for action and further plans for reviewing FCA requirements following introduction of the Consumer Duty
The Financial Conduct Authority outlines a programme to simplify rules and reduce administrative burdens for firms following the introduction of the Consumer Duty. Immediate actions include reviewing all Dear CEO and portfolio letters pre-dating the 2022-25 strategy with a plan to withdraw them by the end of April 2025, and publishing a pilot guide for smaller firms in 2025. The regulator commits to consulting on mortgage rule changes in May and June 2025, insurance sector simplifications by summer 2025, and updates to Client Assets sourcebook requirements later this year. Further proposals include reviewing international conduct rule applications, SME definitions, and the Senior Management Arrangements sourcebook.
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