The Act provided that the FCA’s analysis of the responses to the consultation had to be published before 1 January 2022, with a view to any new rules coming into force by 1 August 2022. More recently, the Financial Services Act 2021 included a provision requiring the FCA to carry out a public consultation about whether it should make general rules providing that authorised persons owe a duty of care to consumers. A feedback statement followed in April 2019 (Feedback Statement 19/02) where the FCA identified two possible options which included new or revised Principles. For example, in July 2018 the FCA published a discussion paper on a duty of care and sought feedback on what form such a provision might take. The FCA has been discussing introducing a duty of care in financial services for some time now. The proposals in CP21/13 should not have come as a bolt out of the blue for financial services firms. Four outcomes setting out more detailed expectations for how firms can meet the new Consumer Principle.Cross-cutting rules designed to support the new Consumer Principle.A new Consumer Principle, which would be a new addition to the FCA’s Principles for Businesses ( Principles) and go further than Principle 6 (A firm must pay due regard to the interests of its customers and treat them fairly).
The new Consumer Duty is proposed to have three components: The consultation paper is significant as the FCA proposes to introduce a new “Consumer Duty” for financial services firms dealing with consumers. In May, the FCA published ‘Consultation Paper 21/13: A new Consumer Duty’ ( CP21/13).
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