A monthly summary of regulatory developments in the UK. A pdf version and copies of the weekly update can also be found here.
Summary Activity
Financial Conduct Authority (FCA)
Consumer Duty governance update: The FCA confirmed that from 27 February 2025 it “no longer expect[s] [firms] to have a [Consumer Duty] Duty champion” at Board level. This removal of the mandated “Consumer Duty Champion” role – introduced in 2022 – reflects that the Consumer Duty should now be well-embedded in firms’ culture and governance. Boards remain responsible for overseeing Consumer Duty outcomes, but firms gain flexibility in their governance arrangements. The FCA will update its guidance (FG22/5) to reflect this change.
Debt advice supervision focus: The FCA launched a targeted Quality Assurance (QA) survey to 34 debt advice firms to assess their QA frameworks and customer outcomes. The survey (sent alongside requests for supervisory meetings) seeks insight into firms’ approaches and will inform fu...
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