The Financial Conduct Authority (FCA) has said it does not expect a judicial review of its Consumer Duty after a question posed at its annual public meeting last month suggested the regime was “poorly thought through”.
The question asked: “Is there a risk the FCA could face a judicial review due to a poorly thought through Consumer Duty?”
However, it regulator rejected the notion and defended its work around the Consumer Duty which is set to come into force next year.
It pointed out that it held several rounds of consultation to ensure that its proposals were “proportionate and workable”, adding it was pleased with the “positive” reception to the final rules and guidance from industry when they were published in July.
“For instance, as part of the consultation process, we listened to industry concerns on the challenges of implementation and extended the length of the implementation period to give firms more time,” the FCA said.
“We are also engaging with firms extensively to listen to any issues that develop as firms progress with their work to embed the duty. We therefore do not expect any judicial review.”
