14th May 2025
Fairer Finance supports the removal of duplicate rules but warns it's too early to do so, as many firms are still struggling to meet Consumer Duty standards. They urge the FCA to provide clear guidance to prevent firms from easing off compliance efforts during this critical phase.
In response to the FCA plans announced today to remove ‘outdated or duplicated’ insurance rules, James Daley, managing director of consumer group Fairer Finance said:
“While we agree with the regulator removing duplication in its rulebook - and agree that Consumer Duty supersedes many of the old rules - this is undoubtedly a fragile moment for the consumer protection landscape. Consumer Duty is still in its infancy - and many firms are falling well short of the high bar that these new rules set. Removing old rules still feels a little premature, with the FCA seemingly scrambling to meet the Government’s deregulatory agenda.
“It’s important that the FCA continues to emphasise the importance of Consumer Duty - and replaces any rules that it removes with very clear guidance around its expectations. There is a danger that some firms will sense that the pressure is off - and will see this as a moment to halt the progress that the Duty demands.”