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16 July 2026
On 29 June 2026, the Financial Conduct Authority (FCA) published a long-awaited consultation (CP26/23) on targeted changes to the scope and proportionality of the Consumer Duty. The proposals are intended to clarify when the Consumer Duty applies, support a more proportionate approach based on a firm’s role, and reduce unnecessary cost and complexity, particularly for wholesale firms and firms operating in distribution chains. The consultation closes on 18 September 2026, with any final rules expected in Q1 2027. The proposals are likely to be of particular interest to asset managers and other firms designing products that may end up in the hands of a consumer, including where the firm itself has no direct interaction with consumers.