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- A final rule is a decision made by a government agency that establishes new regulations or changes existing ones. Once a final rule is published, it becomes official and must be followed by everyone affected by it.
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When do we need to make final rules for the duty?
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Aug 1, 2022 · The FCA has included a new rule that sets out an obligation on firms to notify the FCA of any Consumer Duty breaches by other parties in the same distribution chain; Similarly, the FCA has also introduced a rule requiring a firm to notify other firms in the distribution chain if it thinks they have caused, or contributed to, harm to retail ...
- alex.g.ellerton@uk.gt.com
- Head of Financial Services Group
Consumer Duty. The Duty sets high standards of consumer protection across financial services, and requires firms to put their customers' needs first. Final rules & guidance. Consumer Duty resources. Information and resources to help firms implement and embed the new rules and more on how we're using the Duty to improve outcomes for consumers.
Jul 27, 2022 · We set out the final rules and guidance for a new Consumer Duty that will set higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first. We also respond to feedback to CP21/36.
Key issues. The finalised three cross-cutting rules require firms to act in 'good faith', avoid 'foreseeable harm', and enable and support retail customers to pursue their 'financial objectives', with additional guidance on the meaning of the high-level terminology used in the rules.
Jul 15, 2024 · The Financial Conduct Authority (FCA) has published a Policy Statement containing the final new UK Listing Rules (UKLRs) to implement the radical restructuring of the UK listing regime (proposed in CP23/31).
1.13 Under the Financial Services Act 2021 we are required to make any final rules for the Duty by 31 July 2022. The rules we are making at Appendix 1 fulfil this obligation.
The new Consumer Duty is proposed to have three components: 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).
