FCA Unveils Proposals to Simplify Financial Rules and Enhance Consumer Protections

The UK regulator's five-year strategy includes streamlined product comparisons, updated credit advertising rules, and absorbing the Payment Systems Regulator.

• The Financial Conduct Authority (FCA) has detailed plans to simplify financial product comparisons, aiming to improve clarity for consumers.
• Proposals include revising credit advertising rules and tailoring disclosure requirements to better align with customer needs, including digital transactions.
• The FCA will absorb the Payment Systems Regulator as part of a government-led initiative to improve regulatory efficiency and reduce duplication.
• Building on the Consumer Duty framework, the reforms emphasize prioritizing customer interests in product design and communication.
• The FCA is actively engaging with industry stakeholders to refine the proposals, balancing the need for reform with concerns about the timing of widespread changes.

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