Consumer protection—FCA and other regulatory requirements
Consumer protection—FCA and other regulatory requirements

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Consumer protection—FCA and other regulatory requirements
  • FCA, PRA and BoE regulatory objectives
  • Consumers defined under FSMA 2000
  • The FCA’s approach to consumer protection
  • Consumer protection in wholesale markets
  • Who is likely to get additional protection from the FCA?
  • FCA's consumer protection objective in practice
  • FCA Business Plans
  • The FCA’s approach to consumers and duty of care
  • What concerns may firms have?
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

This Practice Note looks at key aspects of consumer protection within the UK financial services regulatory system. The UK’s regulatory structure, combined with international moves to shore up global financial stability and regulation, means all regulatory bodies are, directly or indirectly, clearly working towards consumer protection. This Practice Note also briefly considers EU legislation to improve consumer protection in financial services (the Consumer Protection Package) and other European Commission measures (such as the Unfair Commercial Practices Directive) which impact financial services firms.

FCA, PRA and BoE regulatory objectives

When the regulatory structure changed in April 2013, the Financial Conduct Authority (FCA) adopted the major regulatory role in relation to consumer protection in a financial services context. Its strategic objective is underpinned by three operation objectives (see sections 1B–1F of the Financial Services and Markets Act 2000 (FSMA 2000)), one of which is consumer protection. The general objective of the Prudential Regulation Authority (PRA) is

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