Press release

7 Dec 2021 London, GB

The FCA has today published its Consultation Paper on a New Consumer Duty, which is set to be market-changing

Today’s measures confirm, without any doubt, the FCA’s intention to pursue a new consumer principle.

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Victoria Luttig
Victoria Luttig

Manager, Media Relations, Ernst & Young LLP

Part of the UK PR team, focused on financial services. Covers all things to do with banking, insurance and wealth and asset management. Love sports and travelling. Married and mum of two boys.

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Related topics Financial Services

Heather Alleyne, UK Financial Services Regulation Partner at EY, comments: 

“Today’s measures confirm, without any doubt, the FCA’s intention to pursue a new consumer principle. This is set to change the face of the consumer financial services market and puts retail customers and SMEs more firmly in the driving seat of their finances than ever before. The limited range of rules and guidance published today put a significant onus on firms to think now about how they will ensure they have placed consumers at the heart of their individual business models. The task before the industry is challenging, but by no means insurmountable, and while the timetable is short for a change of this scale, this is an essential new focus for the industry, which will better protect everyone who uses financial products and services.”