The Consumer Duty is a clash of cultures

The Consumer Duty has arrived at a crucial time for the FCA as it fights to maintain its reputation after a number of scandals, says Morningstar. However, in a recent survey, just two‑thirds of adults were aware of the FCA; and of those, only 27% have high levels of trust in the regulatory body. Even the government appears to be less supportive of the regulator’s aims at this point. City minister Andrew Griffith is apparently sceptical of the Consumer Duty because it increases the regulatory burden on firms. Jeremy Hunt talks frequently about deregulation as a way of unlocking growth. But...