UK Financial Conduct Authority sets out focus areas for Consumer Duty

The Financial Conduct Authority has set out its priorities under the Consumer Duty for the remainder of 2024 and for 2025. The FCA's priorities include embedding the Consumer Duty and raising standards, enhancing understanding of the price and value outcome, and realizing the benefits of the Consumer Duty. Expected FCA outputs include:
 

• By the end of Q1 2025, a review of board/governing body reports and complaints, a review of the treatment of customers in vulnerable circumstances, and a review of the consumer support outcome and supporting informed decision-making.
• H1 2025, publish the findings of a "digital journeys assessment" considering whether firms' digital tools sufficiently help consumers to understand credit agreements.
• H1 2025, consult on rules for better support for consumers in retail investments and pensions as a part of the advice guidance boundary review.
• H1 2025, provide firm-specific feedback following a review into the poor identification of clients with characteristics of vulnerability by wealth managers.
• H1 2025, set out next steps following the call for input on whether the Consumer Duty can be used to simplify the requirements on retail firms.
• Q4 2024, consult on draft rules for the new U.K. retail disclosure regime.
• Throughout 2025, an assessment into the clarity of FX pricing in payment services, initially focused on money remittance and account-account transactions.

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