The following Financial Services practice note provides comprehensive and up to date legal information covering:
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.
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 to promote the safety and soundness of PRA-authorised persons (FSMA 2000, s 2B) for the benefit of users of financial services and the overall real economy. Prudential requirements and measures to ensure service continuity are directly aimed at consumer protection.
The Bank of England (BoE) has an overarching financial stability objective (see sections 9A–9ZA of the Bank of England Act 1998 (as amended by the Financial Services Act 2012 (FSA 2012)), which also
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