FCA's COO Shepperd: Consumer Duty 'very different way of doing regulation'

‘More of a guidance’

clock • 2 min read

Consumer duty regulation will be a “very different way of doing regulation,” the chief operating officer of the Financial Conduct Authority, Emily Shepperd has said.

Speaking in an interview on Following the Rules podcast, the COO said the upcoming regulation was going to be different for the regulator and the companies it oversees. "It is more of a guidance than anything else," she said. "The reason it is a guidance is because we want people to get the spirit of it and embed it within the organisation. We need it to be flexible as larger firms will embed it differently than smaller firms." She went on to say the new regulation looks to tackle the flaws of its predecessor Treating Customers Fairly, which she said had "become a tick box exercise...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Regulation

FCA quizzes 20 advice firms on Consumer Duty compliance

FCA quizzes 20 advice firms on Consumer Duty compliance

Focus on ongoing services

Sahar Nazir
clock 15 February 2024 • 1 min read
FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

FCA: More than 10,000 'misleading' financial ads withdrawn in 2023

The watchdog records 17% surge in interventions to protect consumers

Sahar Nazir
clock 14 February 2024 • 1 min read
Former London Capital & Finance director handed £31,800 fine

Former London Capital & Finance director handed £31,800 fine

Floris Jakobus Huisamen

Hope Coumbe
clock 13 February 2024 • 2 min read
Trustpilot