Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what discussions he has had with the Financial Conduct Authority on the introduction of the duty of care; and what the (a) process and (b) timescale is for introducing the Duty of Care.

The government believes that the Financial Conduct Authority (FCA), as the UK’s independent conduct regulator for the financial services industry, is best placed to evaluate the merits of a duty of care for financial services providers. We therefore welcome the FCA’s commitment to publish a Discussion Paper on the subject, which the FCA plans to publish after the UK’s withdrawal from the EU.