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Financial Conduct Authority is calling on industry to identify rules which could be removed or simplified if they overlap with the Consumer Duty. This is great news. It's something we at Innovate Finance have been calling for since 2021 - when we said: "Outcome-based rules will not promote innovation if they are superimposed on top of existing prescriptive rules. In advance of the introduction of the new Consumer Duty, we recommend that there be a thorough, post-Brexit review of FCA retail consumer regulation to identify existing prescriptive rules which could be removed when the Consumer Duty is introduced." We were delighted when Tulip Siddiq and Rt Hon Rachel Reeves adopted this in their review of Financial Services 'Financing Growth' earlier this year. Now it is being taken forward by the regulator. Sometimes the best things come to those who are persistent and patient! We will be working with @Innovate Finance members to respond to this review. Let's make the most of this huge opportunity to simplify and streamline the rule book - to achieve better outcomes for consumers and support innovation and growth. The FCA have said "We particularly want to address potential areas of complexity, duplication, confusion, or over-prescription, which create regulatory costs with limited or no consumer benefit. We also want to include appropriate flexibility in our rules to be responsive to future changes and innovation." What would you put on the list? #Innovation #Growth #ConsumerDuty #OutcomebasedRegulation
We want to find out where we can simplify our retail conduct rules and guidance to help reduce the burden on firms and support growth. Have your say by 31 October 2024. #FinancialServices #FinancialRegulation #CallForInput #EconomicGrowth #ConsumerDuty
