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The Financial Conduct Authority will set new rules for regulated financial services including motor finance by mid-2022 as it aims to “fundamentally shift the mindset of firms”.
<p><span>New plans from the Financial Conduct Authority will ensure a higher and more consistent standard of consumer protection for users of financial services and help to stop harm before it happens.</span></p>
The Financial Conduct Authority (FCA) is not intending to introduce a fiduciary duty via its consumer duty consultation. The regulator made the revelation in a webinar today about its proposed consumer duty currently under consultation. Senior officials at the regulator including Sheldon Mills and Nisha Arora urged
The Financial Conduct Authority (FCA) is not intending to introduce a fiduciary duty via its consumer duty consultation.
Surveys and Reports Regulatory Developments United Kingdom: Financial Services Act 2021 becomes law On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation. Sections of particular relevance include the following: Section 29 ...