The Month That Was – July 2021 –An FCA update – the 2021/22 FCA business plan and a new consumer duty of care
Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.
In episode 5, Rachael Healey is joined by George Smith and Lucy Thorn to discuss the key news and developments in the industry for the month of July. July was a very busy month for the FCA, and so episode 5 is an FCA special. Lucy discusses the FCA's business plan for 2021/22 which was released this month. In particular, the impact of proposed changes to the supervision of authorised representatives. George then analyses the new 'consumer duty of care' which is currently being consulted on, noting that the FCA are consulting on whether a breach of FCA principles should be actionable by an individual as a breach of statutory duty – sure to have a wide ranging impact.
Other topics covered include the FCA revealing that the scope and coverage of FSCS compensation is to be reviewed, as well as the FCA review of authorised fund managers. New rules for authorised corporate directors have been revealed, whilst the Court of Appeal decision in Avacade v FCA is awaited after the hearing took place this month. And finally, the FCA has confirmed they have ordered various s166 reviews in respect of defined benefit transfer advice.