We have published our Approach to Consumers paper which is intended to broaden the debate we started in our Mission by exploring our approach to regulating for retail consumers.
Our Mission 2017, published in April, provided a framework for our strategic choices. It explained how we serve the public interest by improving how financial markets function and how firms conduct their business. It also explained how we regulate to deliver good outcomes for a wide range of users of financial services – including individuals, businesses and the economy. When we published our Mission, we also committed to publish a range of documents that would explain our approach to regulation in more depth.
The Approach to Consumers paper explores our approach to regulating for retail consumers. It sets out our initial views on what good looks like for all retail consumers, and aims to clearly explain how we will work to diagnose and remedy actual and potential harm, giving more certainty about our framework.
Our Mission also makes clear that we have finite resources, and in some cases we need to collaborate with others to address issues like vulnerability and how we prioritise it in our work, financial exclusion and the limits of consumer responsibility.
Addressing these complex and overlapping issues requires a nuanced approach. Our stakeholders should rightly be able to support and challenge these decisions – and understand our rationale for making them.
We are seeking views on a number of issues including consumer responsibility, identifying vulnerability, and the line between the FCA’s remit and broader social policy issues. We are also consulting on how far our stakeholders agree with some of the statements and positions taken by the FCA, as outlined in this document.
Please send us your comments by 5 February 2018.
You can also:
We will host a Consumer Approach conference on 30 November 2017. The conference will explore some of the key themes and questions outlined in the paper. Find out more about the conference and request a place.