In December 2021, the UK Financial Conduct Authority (FCA) published a consultation to set a higher standard of consumer protection in retail financial markets, an endeavor which began in July 2018. At the core of the proposed new rules is a new Principle for Businesses: “A firm must act to deliver good outcomes for retail customers”. This is to be supported by detailed rules and guidance, also under consultation. The scope of these proposed provisions is wide-reaching, covering both those who deal directly with retail customers and those who form part of relevant supply chains. Importantly, the FCA has decided that (at least for now) it will not allow customers to bring a civil claim for an alleged breach of these rules. However, noncompliance with the rules would risk regulatory action. The FCA expects to make any new rules by 31 July 2022, which likely would come into force in 2023.
The FCA has published a second consultation in respect of its proposed Consumer Duty (the Duty), refining the original proposals. The Duty is in fact a range of proposed provisions whose purpose is to ensure that those regulated businesses dealing with retail customers put those individuals and businesses and their interests at the heaart of all decision making, from product design through to sales and administration. This is an important and flagship reform for the FCA; it sits alongside the guidance that the FCA has already issued about how regulated businesses should treat...
Police have referred Pastor Jeon Kwang-hoon of Sarang Jeil Church to the Prosecution Service on charges of spreading false information alleging that President Lee Jae Myung committed past sexual a...