Capco advises FCA against oversimplifying Consumer Duty rules, warning of potential ambiguity.

Consultancy Capco has cautioned the Financial Conduct Authority (FCA) against oversimplifying its rules following the implementation of the Consumer Duty. Capco's managing principal, Michael Shand, emphasized that excessive reliance on broad guidance could create ambiguity in firms' conduct obligations. While the FCA’s push for simplification has been generally welcomed, Capco advises a careful assessment of firms' readiness to integrate the new duty into their culture before making changes.

October 29, 2024
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