Progress

Current status
adopted
31 Jul 2023 in force
27 Jul 2022 adopted
15 Feb 2022 processing consultation
07 Dec 2021 in consultation
31 Jul 2021 processing consultation
13 May 2021 in consultation

Scope

Implementers
United Kingdom
Policy Area
Other operating condition
Policy Instrument
Consumer protection regulation
Regulated Economic Activity
digital payment provider (incl. cryptocurrencies)
Government Branch
executive
Government Body
other regulatory body
consumer protection authority
Implementation Level
national

Timeline of events

31 Jul 2023
in force

Implemented Consumer Duty for financial services including digital payment providers

On 31 July 2023, the United Kingdom's Financial Conduct Authority (FCA) implemented the Consumer Duty final rules for new and existing products and services open to sale or renewal. The implementation period is extended until 31 July 2024 for produc…

Source
Event type order
Action type implementation
Government branch executive
Government body other regulatory body
27 Jul 2022
adopted

Adopted Consumer Duty for financial services including digital payment providers

On 27 July 2022, United Kingdom's Financial Conduct Authority (FCA) published the Consumer Duty final rules, along with feedback to its previous consultation on the issue. The rules will apply to new products from 31 July 2023. The rules introduce a…

Source
Event type order
Action type adoption
Government branch executive
Government body other regulatory body
15 Feb 2022
processing consultation

Closed Further Consultation on proposed Consumer Duty for financial services including digital payment providers

On 15 February 2022, United Kingdom's Financial Conduct Authority (FCA) closed the further consultation on its second consultation paper regarding the proposed Consumer Duty rules for financial services. The rules would introduce a new standard of c…

Source
Event type order
Action type consultation closed
Government branch executive
Government body other regulatory body
07 Dec 2021
in consultation

Opened Further Consultation on proposed Consumer Duty for financial services including digital payment providers

On 7 December 2021, the United Kingdom's Financial Conduct Authority (FCA) published a second consultation paper on its proposed Consumer Duty rules and opened a further consultation until 15 February 2022. The rules would introduce a new standard o…

Source
Event type order
Action type consultation opened
Government branch executive
Government body consumer protection authority
31 Jul 2021
processing consultation

Closed Consultation on proposed Consumer Duty for financial services including digital payment providers

On 31 July 2021, the United Kingdom's Financial Conduct Authority (FCA) closed its consultation paper the proposed Consumer Duty rules for financial services. The rules would introduce a new standard of care for regulated firms towards their consume…

Source
Event type order
Action type consultation closed
Government branch executive
Government body consumer protection authority
13 May 2021
in consultation

Opened Consultation on proposed Consumer Duty for financial services including digital payment providers

On 13 May 2021, the United Kingdom's Financial Conduct Authority (FCA) published a consultation paper on its proposed Consumer Duty rules and opened a consultation until 31 July 2021. The rules would introduce a new standard of care for regulated fi…

Source
Event type order
Action type consultation opened
Government branch executive
Government body other regulatory body