Context
The FCA has issued a statement on work that it intends to either stop or postpone in light of the ongoing impact of coronavirus and current economic conditions. The Regulator has confirmed that the changes have been made to allow FCA resources to be focussed on the most urgent work that can make the most immediate difference to consumers and markets.
Key points to note
- Duty of Care – Following the issue of the Feedback Statement on Duty of Care (https://www.fca.org.uk/publications/feedback-statements/fs19-2-duty-care-and-potential-alternative-approaches) in April 2019 it was confirmed that further work would be conducted to examine the options likely to be the most effective and proportionate and to understand the impact on FCA operations, the industry and consumers. For clarity this is a duty of care to be exercised by the FCA in relation to its responsibilities to consumers and the market. In April 2020 the FCA confirmed that this work was delayed due to the need to prioritise the response to coronavirus and that the intention is to consult on the potential options for change by the end of 2020. This work has been further delayed and consultation is now expected in Q1 2021.