Financial Services (Duty of Care) Bill [HL]

Key Points

• The Financial Conduct Authority would be required to make rules establishing a duty of care owed by authorised persons to consumers in their regulated activities.
• The duty would apply to firms and individuals authorised by the FCA who provide financial services.
• The rules would be created by the FCA, not directly by Parliament.
• The measure is intended to strengthen consumer protection in financial services.
• Current progress: the bill is in the Lords and at the second reading; the first reading occurred on 9 January 2020.

Progress

The bill has completed its first reading in the Lords and is currently at the second reading stage in the Lords.