Bruce Stephen

Head of Banking & Finance at Brodies LLP, Brodies LLP

Bruce is head of banking and finance at Brodies LLP. He has a wealth of experience in advising clients in a range of matters including advice in respect of financial regulatory requirements and retail regulated products. He is qualified in English and Scots law.

Contributed to

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The FCA Consumer Duty—application to mainstream consumer credit lenders

Practice Notes

This Practice Note considers the application of the Consumer Duty to MCCL firms, and includes details of the scope of the Consumer Duty’s application to MCCL firms, the interaction of the Consumer Duty with pre-existing FCA rules and guidance, the implications for MCCL firms in complying with the cross-cutting rules under the Consumer Duty, the implications for MCCL firms in delivering the four consumer outcomes under the Consumer Duty, areas of potential difficulty for MCCL firms, implications for MCCL firms in implementing the Consumer Duty for closed products, and practical Consumer Duty steps post implementation.

Financial Services