Recommendation 183

Some witnesses told us that the subjectivity of the Consumer Duty has made international investors more hesitant to invest into the UK. UK Finance told us that, for the banking sector: “the subjective nature of the Consumer Duty generates uncertainty and creates nervousness for investors.” 282 The Investment Association told us that: “the process of implementing the policy may have damaged the UK’s reputation for competitiveness by creating deep uncertainty about how it would work”. 283