FCA wants input on how Consumer Duty overlaps with existing rules

The U.K. Financial Conduct Authority (FCA) is asking for input on which of its existing rules for financial services overlap with the year-old consumer duty rule, with an eye toward streamlining and simplifying both rule packages.

Last year, consumer duty obligations took effect for U.K. financial services firms, setting higher standards of consumer protection for customers buying financial products and services.

The FCA has launched a review and would like to hear from member firms about which FCA rules can be removed or reduced because they overlap with the consumer duty rule. The goal is to reduce burdens and promote growth, the agency said.