beale & co – SUITS YOU, SIR – THE NEW FCA CONSUMER DUTY

At the end of last month, the Financial Conduct Authority (“the FCA”) confirmed its plans to introduce the new “Consumer Duty” in Policy Statement PS22/9 (together with Finalised non-Handbook Guidance FG22/5). The consumer Duty sets a higher standard for firms when dealing with consumers, and requires them to put customers’ needs first. This followed an initial consultation by the FCA on the Consumer Duty in May 2021 (CP21/13), followed by feedback to that consultation and a further consultation last December (CP21/36).