Financial Services (Duty of Care) Bill [HL]

Key Points

• It requires the FCA to make rules defining what 'duty of care' means in practice for authorised persons.
• The duty would apply to all authorised persons carrying out regulated activities, including banks, insurers, investment firms and financial advisers.
• The rules would set expectations for how firms treat customers and ensure customers' interests are considered in regulated activities.
• The bill is currently at the Lords' 2nd Reading, with further parliamentary stages needed if it progresses.

Progress

The bill is at the Lords' 2nd Reading; if it progresses, it would move through the remaining stages in the Lords and then on to the House of Commons for consideration.