On 17 July 2018, alongside our Approach to Consumers, we published a Discussion Paper on a duty of care and potential alternative approaches.
In our Mission 2017, we committed to produce a Discussion Paper to explore the potential merits of a duty of care as part of our Handbook Review following the UK’s exit from the EU in 2019. We stated that it would be difficult to make extensive changes to the FCA Handbook at the same time as undertaking the major overhaul needed to put the EU Withdrawal legislation into effect.
We recognise the wider debate on this issue, including feedback received on this topic following our Future Approach to Consumers 2017. Launching this Discussion Paper now will help us understand more fully what outcomes a New Duty might be able to achieve and what a New Duty for firms in financial services might do to enhance behaviour in the financial services market.
We are publishing this Discussion Paper to:
- What form it could take
- How it would work in practice alongside our current framework
- What consequences it would have for consumers, firms and the FCA.
We ask a number of questions on whether a New Duty (duty of care or other change) would provide additional consumer protection, including with regard to redress for consumers.
We invite views from all parties with an interest in this issue. This includes:
We will be holding a firm event on 26 September 2018 and a roundtable discussion for consumer organisations and their representatives on Tuesday 2 October 2018. For more information about either event, please email [email protected]
We welcome discussion and feedback on this important and complex debate. We ask for views, including response to our questions, by 2 November 2018.
You can send responses to us by: