Latest Consumer Duty consultation paper from the FCA re-emphasises the regulator’s focus on rebasing consumer protection

Responding to the latest Consumer Duty consultation, Philip Deeks, Director, Regulatory Insight Centre, KPMG UK, said: “The latest Consumer Duty consultation paper from the FCA re-emphasises the regulator’s focus on rebasing consumer protection. The consultation aims to provide a blueprint that will drive behavioural change for firms to focus on good consumer outcomes. However, challenges may come later as we could potentially see firms interpret good outcomes in different ways and each sector has different levels of existing maturity to build from. Until the new rules are fully embedded, there’s a risk that we will have an uneven playing field as some firms are further developed and more stringent than others in their definition of what good outcomes mean for consumers. This is something the FCA will be watching closely.”

 

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Gerard Swinley

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About KPMG

KPMG LLP, a UK limited liability partnership, operates from 21 offices across the UK with approximately 16,000 partners and staff.  The UK firm recorded a revenue of £2.3 billion in the year ended 30 September 2020.

KPMG is a global organization of independent professional services firms providing Audit, Legal, Tax and Advisory services. It operates in 147 countries and territories and has more than 219,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

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