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FCA Consumer Duty: a new level of consumer protection in retail financial services

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The announcement by the FCA of a consultation on a new Consumer Duty in May 2021 is the first broad policy development since Nikhil Rathi was appointed CEO late last year.

While the new Consumer Duty is intended to supplement existing rules, firms should be aware that this is a significant shift in expectations from the regulator – setting a higher standard of consumer protection than ever before.