Related insights: Consumer Regulation
FCA clarifies plans for a new Consumer Duty
08 Dec 2021
Following its initial consultation in Q2 this year (CP21/13), the FCA has published a second consultation on its plans for a new Consumer Duty (CP21/36). This second consultation expands on the FCA's proposals and also sets out feedback to the first consultation paper, together with the FCA's response.
FCA unveils transformative business plan
20 Jul 2021
The FCA's business plan for 2021/22 marks the first for Nikhil Rathi since taking on the mantle of Chief Executive. In the speech given by Mr Rathi to launch the plan, he acknowledged the unprecedented challenges of the last 18 months but said that in order for the FCA to be an effective regulator it cannot simply respond to today's challenges – it must prepare for those of tomorrow.
FCA reveals plans for a new Consumer Duty
07 Jun 2021
The Financial Conduct Authority (FCA) has announced proposals for a new Consumer Duty which is intended to set higher expectations for the standard of care that firms provide to consumers.
New product compliance rules for businesses exporting to the EU and NI
06 May 2021
New rules will prohibit certain goods from being sold in the European Union (EU) and Northern Ireland (NI) unless an economic operator established in either the EU or NI is identified as being responsible for certain product compliance matters. The new rules apply from 16 July 2021 and will impact exports to the EU and NI, including those from Great Britain, as explained below.
Financial Services Act: key changes before Royal Assent
06 May 2021
Both core elements of the United Kingdom’s post-Brexit framework as well as some more political areas of concern are addressed in this wide-ranging piece of legislation. Emma Radmore and Lucy Hadrill discuss debates, changes and additions from the Bill as originally published.
COVID-19: the response of consumer protection regulators and the impact on non-COVID-19 regulatory enforcement
03 Apr 2020
Following the Chancellor, Rishi Sunak's announcement on 17 March, when he challenged Ministers and business to identify opportunities to support the most affected industries, including possible ‘regulatory forbearance’, consumer protection and other regulators have been steadily adjusting their responses to more routine, BAU, regulatory enforcement issues. This reflects the need to ensure that their now even more stretched resources have the most impact and tackle the most serious pandemic-related consumer protection issues arising at this time. This article looks at the most recent stated approaches of some of the regulators, the Competition & Markets Authority (CMA), Advertising Standards Authority (ASA) and Trading Standards.
Happy New Year? Higher fines for consumer protection offences are on their way
29 Jan 2020
The eagerly awaited first legislative instalment of the EU's New Deal for Consumers package was published somewhat quietly and with surprisingly little fanfare on 18 December 2019. It came into force on 7 January 2020 and applies from 28 May 2022, with member states needing to adopt legislation by 28 November 2021. This relatively short Directive certainly packs a punch, comprising only nine articles, of which four contain the nitty-gritty.
Consumer Credit Directive: still fit for purpose?
08 Jan 2020
The European Banking Federation (EBF) has produced a draft response to the European Commission's evaluation of the Consumer Credit Directive (CCD). The Commission launched a public consultation in 2018 to assess whether, ten years after its adoption, the Directive is still fit for purpose given the market developments that have occurred since 2008.
Modernising Consumer Markets Green Paper supports innovation and consumer rights
30 Apr 2018
The Government has announced, in the Modernising Consumer Markets Green Paper, a package of proposals aimed at ensuring the UK's regulatory framework meets the challenges of modern consumer markets, and supports both innovation and rights of consumers. There is now a 12 week consultation period with a deadline of 4 July 2018 for responses.
Consumer Rights Act 2015 – new consumer remedies
01 Apr 2015
Consumers will have new rights in respect of faulty or not as described goods, services and digital content later this year. These changes will be introduced by the Consumer Rights Act 2015 which comes into force on 1 October 2015. For most retailers this will mean reviewing existing complaints handling procedures and ensuring customer service teams fully understand the changes before the legislation comes into force.
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