Category: Publications

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Financial Conduct Authority publishes its consumer duty priorities for 2025 to 2026

On 30 September 2025, the UK Financial Conduct Authority (the FCA) published a webpage setting out its consumer duty focus areas for 2025 to 2026.

The FCA is clear that it is moving from the implementation phase, to the impact phase. So it’ll focus on four main areas:

(a) Embedding the duty and raising standards

No more just walking the way, you now need to show that you can talk the talk too. Be prepared to share board reports, complaints data and how you treat vulnerable customers, or customers who are struggling. We’re expecting more good and bad practice examples to help firms know what good looks like.

There are four ‘cross-cutting projects’:

– reviewing products and services outcome: How firms are designing products and services to meet customer needs, including those with characteristics of vulnerability.

– reviewing firms’ approaches to outcomes monitoring: Looking at how firms are responding to outcome monitoring requirements.

– reviewing firms’ customer journey design: Looking at the design and delivery of firms’ customer journeys to ensure customers’ needs are met, with a particular focus on how firms apply friction throughout the journey.

– reviewing the consumer understanding outcome: Looking at how firms’ communications are helping consumers make informed decisions.

(b) Looking at price and value

Fair value has always been a key agenda item for the FCA even before the introduction of the consumer duty. The FCA will be publishing findings on (a) unit-linked pensions and long-term savings and (b) pure protection insurance later this year (having recently published its market study into premium finance).

(c) Sector specific deep dives

The FCA has planned work to tackle “areas of existing concern in sectors where there may be harm, or the potential for harm“. These include:

– fair value in SME business current accounts: the FCA is looking at how small business banking firms’ current accounts are complying with the price and value, and consumer understanding outcomes. Expect feedback to firms by the end of 2025.

– consumer understanding in the credit card market: the FCA is looking at how consumers understand the terms and conditions of credit card products and if they get enough clear information to support decision making, particularly when looking to take out a promotional offer.

(d) Simplyfing the Handbook

The FCA is exploring how the duty can help with streamlining existing rules and guidance. Why? To achieve less complexity, more innovation and better outcomes. But with high level principles comes uncertainty: a challenging balance for many firms.

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Butterworths Financial Regulation Service – updated commentary on CONC published

Issue 139 of Butterworths Financial Regulation Service has now been published. I’ve reviewed and revised Chapters 1 to 4 (covering the introduction, and CONC 1 to 3) and Chapters 10 to 16 (covering CONC 9 to CONC 15) of Division H of Volume 4. This commentary is up to date as at October 2024.

The changes include:

– re-writing the existing commentary in Chapter 1 to consider some key areas of focus for the Financial Conduct Authority including (a) financial promotions and (b) supporting borrowers in financial difficulties;

– updating the commentary on CONC 3 to deal with the FCA’s recent social media guidance;

– revising the guidance on CONC 14 to explain the background which led to those provisions; and

– updating the text to consider the impact of the consumer duty.

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Payment Systems Regulator publishes new Powers and Procedures Guidance

On 20 September 2024, the UK Payment Systems Regulator (the PSR) published an updated version of its guidance entitled ‘Powers and Procedures Guidance’. Section 96 of the Financial Services (Banking Reform) Act 2013 requires the PSR to published guidance.

The guidance updates the PSR’s guidance which was first published in 2015 (and updated in 2020). The PSR’s response paper sets out the changes. These updates include:

– changes to paragraph 5.7 of the guidance: dealing with the process for opening an investigation; and

– changes to paragraph 5.12 of the guidance: dealing with flexibility for staff deployed on monitoring or enforcement to work across functions.

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Financial Conduct Authority publishes principles for developing credit information industry-led remedies

On 20 May 2024, the UK Financial Conduct Authority published principles for developing credit information industry-led remedies.

In December 2023, the FCA published its final report on the credit information market study. The FCA proposed that various remedies should be introduced by industry-led work (including input, where necessary, from the FCA).

The FCA’s final report expects the Credit Reporting Governance Board (the CRGB) will seek input to progress and implement industry-led remedies. The FCA has therefore published the following principles pending the CRGB’s formation:

1 Seek and consider input from all relevant stakeholder cohorts (including, but not limited to, stakeholder cohorts represented on the Interim Working Group (the IWG)).

2 Proactively consider how any steps or decisions might negatively affect the CRGB’s ability to decide longer-term policy or implementation options.

3 Consider how potential approaches or solutions align with the CIMS proposals, the emerging CRGB objectives being developed by the IWG and the Consumer Duty.

4 Specifically consider the impact on different firms (including small businesses) and consumers, including by taking into account effects on:

4.2 customers with characteristics of vulnerability, and

4.1 financial inclusion

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Butterworths Financial Regulation Service – updated commentary on CONC and BCOBS, and new commentary on BCOBS 4 and 5, published

Issue 115 of Butterworths Financial Regulation Service has now been published. I’ve written new chapters on BCOBS 4 and BCOBS 5. I’ve also reviewed and revised the existing chapters in BCOBS and in CONC. The commentary is up to date to December 2020.

The changes include:

– revising the commentary in CONC to reflect latest COVID-19 guidance from the FCA;

– updating the commentary in CONC to consider the changes to commission disclosure, including analysing the meaning of the ‘nature’ of commission; and

– considering the changes to both CONC and BCOBS as a result of Brexit.

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Butterworths Financial Regulation Service – updated commentary on CONC and MCOB, and new commentary on BCOBS, published

Issue 113 of Butterworths Financial Regulation Service has now been published. I’ve written a new chapter on CONC 8, and reviewed and revised the existing chapters on CONC (including adding the latest COVID-19 guidance published by the Financial Conduct Authority).

I’ve also written new chapters on MCOB 2A, 3B, 4A and 6A, and reviewed and revised the existing chapters on MCOB.

I’m also delighted to have published brand new commentary on BCOBS. There will be additional new chapters over coming issues but this issue has:

– an introductory chapter on BCOBS; and

– commentary on BCOBS 1, 2, 2A and 3.

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Financial Ombudsman Service publishes latest edition of ‘Ombudsman News’

On 28 October 2020, the Financial Ombudsman Service (the Ombudsman Service) published its latest edition of ‘Ombudsman News’.

This edition includes:

– a blog setting out how it is ‘helping small businesses with life-changing financial disputes’;

– a blog on the impact of COVID-19 on financial services complaints and SMEs; and

– the Ombudsman Service’s half-yearly complaints data (including a slight increase on the number of non-PPI complaints received in the last reporting period).

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Butterworths Financial Regulation Service – updated commentary on CONC, and new commentary on MCOB, published

Issue 112 of Butterworths Financial Regulation Service has now been published. I’ve written a new chapter on CONC 6, and reviewed and revised the existing chapters on CONC (including adding the latest COVID-19 guidance published by the Financial Conduct Authority).

I’m also delighted to have published brand new commentary on MCOB. There will be further new chapters over the coming issues but this issue has:

– an introductory chapter setting the scene on mortgage regulation;

– commentary on MCOB 1, 10, 10A, 12 and 13.

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Issue 63 of Goode: Consumer Credit Law and Practice published with new chapter on ancillary credit business and credit reporting

Issue 63 of Goode: Consumer Credit Law and Practice has now been published. This includes a new chapter 48, written by me, on ancillary credit business and credit reporting. It was rather humbling when Professor Sir Roy Goode QC invited me to join the editorial team a few years ago and it’s great to see my first chapter being published.

I’ve also written four new case reports: these appear in Goode: Consumer Credit Reports.

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Butterworths Financial Regulation Service – new and updated commentary on CONC published

Issue 111 of Butterworths Financial Regulation Service has now been published.  I’ve reviewed and revised the introductory chapter on CONC and the chapters on CONC 1 to 4, 5A to 5D and 9. I’ve also written new material including:

– a new chapter on CONC 7 (including looking at the impact of the FCA’s COVID-19 related temporary measures); and

– a new chapter on CONC 11 (dealing with cancellation of certain agreements)

The commentary on Division 4H is now up to date to April 2020.