On 29 July 2024, the Financial Conduct Authority (FCA) launched a call for input on its review of FCA requirements following the introduction of the Consumer Duty. Through the call for input, the FCA is seeking views on whether, where and how it can refine its retail conduct rules, while ensuring it continues to support and protect consumers.

The FCA explains that it particularly wants to address potential areas of complexity, duplication, confusion, or over-prescription, which create regulatory costs with limited or no consumer benefit. It also aims to include appropriate flexibility in its rules to be responsive to future changes and innovation. While the call for input is primarily focused on the FCA’s retail conduct rules and guidance, views are also invited on the FCA’s wider rules and guidance.

Comments are invited from firms and industry bodies (as the main users of the FCA’s rules and guidance) as well as from consumers, consumer groups and other groups affected by the rules, on issues including:

  • Which detailed rules or guidance could be simplified to rely on high-level rules, or have interactions with other rules which could be clarified.
  • How any steps to simplify FCA rules and guidance affect its statutory objectives.
  • The appropriate balance between high-level and more detailed rules.
  • The potential benefits and costs from simplifying FCA rules.

The FCA notes that, as it has committed to a post-implementation review of the Consumer Duty, it is not seeking responses to this call for input with suggestions for changes to the Duty.

Next steps

The deadline for responses to the call for input is 31 October 2024. The FCA then intends to outline its approach in early 2025.