Streamlining of retail conduct rules targeted among package of reforms

On the day of publishing its first report on its new competitiveness objective, the FCA called for input from the sector on schemes it is developing to reduce regulatory costs.

By Neasa MacErlean

A general review of retail conduct requirements seeks to slim down the rulebook by removing or simplifying rules that were introduced to implement the Consumer Duty last year but which overlapped with pre-existing rules. As well as seeking to eliminate these "potential areas of complexity, duplication, confusion, or over-prescription", it is asking for input by the end of October on how it can "include appropriate flexibility in our rules to be responsive to future changes and innovation". Its conclusions on responses to the short, 26-pagecall for inputare expected to be published early next year.