Removing the Consumer Duty Board Champion

The FCA has confirmed that they no longer expect firms to have a Consumer Duty Board Champion, giving firms greater flexibility in their ongoing governance arrangements. Firms are free to retain the role of Board Champion if they wish.

FCA Supports T+1 Settlement

The UK government has approved the shortened securities settlement from T+2 to T+1. This means that trades must be settled one business day after the transaction. The change will take place in October 2027 and the FCA advises firms to read the AST report.

FCA and PSR on Big Tech and Digital Wallets

Following the joint call for information, the FCA and PSR have published a feedback statement. The FCA and PSR believe there is opportunity for the expansion of digital wallets but they pose some risks and challenges that are already being considered in other jurisdictions.

FCA Multi-Firm Review Findings

The FCA conducted a review of the 22 largest advice firms in February 2022 and has concluded that financial advisers can charge consumers for ongoing advice and related services provided that they relate to previous recommendations provided by the firm.