E-Learning Login
Compliance Portal
August 2, 2024
The FCA has issued four sets pf publications to try to reduce the regulatory burden on firms whilst at the same time supporting growth and competitiveness and avoiding consumer harm. The FCA, through this review, is seeking to establish whether the rules governing financial services could be streamlined to reduce burdens on businesses.
The publications cover:
- a review of the requirements under the Consumer Duty following it implementation, including a Call for Input;
- a Discussion Paper DP24/1 about the regulation of commercial and bespoke insurance business;
- a set of growth objective metrics and a report about the FCA’s secondary international competitiveness objective; and
- a Statement of Policy on cost benefit analyses.
The move comes after the introduction of the Consumer Duty. The regulator is calling on industry to identify rules which could be removed or simplified if they overlap with the Duty. The FCA believes that “reducing the complexity of the FCA’s rulebook could lower costs for firms, encourage innovation and help support the risk appetite needed to support growth, ultimately boosting international competitiveness and the economy over the long-term”. Some will see this as a dumbing-down of the FCA Handbook.
