The FCA’s consultation on a new Consumer Duty has now closed and the FCA has outlined its next steps. After considering the responses, the FCA will set out the proposed text for any new rules in a second consultation, along with a cost benefit analysis. This will include further consideration of a private right of action and impact of the Consumer Duty on the existing Principles. The FCA will also provide details of how it intends to supervise and embed the Consumer Duty.
The FCA expects to publish the second consultation by 31 December 2021, and will make any new rules by 31 July 2022.