This Practice Note considers the application of the Financial Conduct Authority’s (FCA) Consumer Duty to wholesale firms. It considers the scoping exercise for wholesale firms, including relevant exclusions, the meaning of material influence, and the proportional application of the Consumer Duty. For those activities of a wholesale firm which fall within the scope of the Consumer Duty, it sets out a number of key considerations in respect of each cross-cutting obligation and each of the four retail customer outcomes. Furthermore, it considers how the requirements of the Consumer Duty overlap with pre-existing regulatory rules applicable to the wholesale sector, in particular, the FCA’s Product Intervention and Product Governance Sourcebook (PROD) and UK retail disclosure requirements.