Regulators align priorities ahead of Consumer Duty

FCA and FOS get ducks in a row before new principle introduced

Jenna Brown
clock • 2 min read

Financial regulators have been working together ahead of the implementation of the Consumer Duty to ensure their work on the landmark regulation change is in alignment.

Preparations included the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme working together with the Financial Conduct Authority (FCA) to review drafts of the regulator's consultation, policy statement, instruments and non-handbook guidance. The work was outlined by the financial ‘regulatory family' group in its Wider Implications Framework (WIF) annual report for 2022, released today (19 April). The report also highlighted that the FCA held a workshop for the FOS on the Duty. It also said: "The FCA and the FOS have worked together to meet with external...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Industry reacts: FCA statement on vulnerable customers

Industry reacts: FCA statement on vulnerable customers

Protection’s part to play

Cameron Roberts
clock 07 March 2025 • 3 min read
FCA's vulnerability findings flag lack of tailored training and understanding

FCA's vulnerability findings flag lack of tailored training and understanding

Many firms had taken positive action but ‘areas for improvement remain’

Isabel Baxter
clock 07 March 2025 • 6 min read
More work needed to tackle UK 'inflationary pressure' as BoE members warn of further market upheaval

More work needed to tackle UK 'inflationary pressure' as BoE members warn of further market upheaval

Treasury Committee hearing

Sorin Dojan
clock 06 March 2025 • 2 min read