Elisabeth Øverland

Solicitor, Freshfields

Elisabeth is a counsel in Freshfields' London financial services regulatory group where her practice covers a wide range of financial services and regulatory matters.

Elisabeth advises investment banks, asset managers, exchanges, market infrastructure providers, private wealth advisers, sovereign wealth funds and industry groups. She has extensive experience of advising clients on UK and EU regulatory reform and implementation, including cross-border impacts. Her recent work has included advising clients on ESG and consumer duty requirements, as well as post-Brexit regulatory implications, MiFID II/MiFIR developments, regulatory capital, market abuse and derivatives regulation.

Contributed to

1

The FCA Consumer Duty—application to wholesale firms

Practice Notes

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.

Financial Services