Non-UK business removed from Consumer Duty scope to reduce burdens on wholesale businesses

Summary

Wholesale financial businesses involved in retail markets will find it easier to comply with the Consumer Duty, following proposals from the FCA. The changes are part of the FCA's plans to give wholesale firms the confidence to apply the Duty proportionately. Under the proposals, firms will benefit from:Removing business for genuinely non-UK customers from the Duty’s scope where there is no clear UK link or reasonable expectation of UK protection.Clearer boundaries around what is out of scope...