Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, with reference to the report of the Financial Conduct Authority, FCA Mission: Our Future Approach to Consumers, what assessment he has made of the potential merits of introducing a duty of care on financial services firms towards consumers.

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 lead the discussion on the merits of a duty of a care for financial services providers.

The FCA have committed to issuing a Discussion Paper on a duty of care later this year. The Paper will invite contributions from all interested parties on the case for and against a duty of care, what form such a provision might take, and consequential issues arising from adopting it. This will be an open process designed to gather views.