Recommendation 185

The Economic Secretary told the Committee that the Government had engaged with the FCA over some of these issues, and stated that: “On the consumer duty, we have asked the regulator to look at the rule book and see where duplication is. If we are asking firms to focus on outcomes, we cannot have an outcomes approach and a completely prescriptive approach, at the same time. Those two things run in contradiction. So we are asking the regulator, and the regulator is looking at its rule book and at any duplication.” 286