‘Intense’ consumer duty rules driving up regulatory pressure on City, KPMG says

According to KPMG, the "intensive" monitoring of the consumer protection system by the Financial Affairs Agency (FCA) has increased the burden of restrictions experienced by urban companies.

According to the latest si x-year regulation barometer survey provided by KPMG UK to CITY AM, the compliance and implementation requirements for consumer protection rose the most in the tracking categories.

The 1 0-point score rose from 6. 8 in March to 7. 4.

The KPMG report was announced at the FCA Annual General Assembly held on Thursday.

The FCA is likely to be asked questions about the "second purpose" of the government's competitiveness and growth that the government imposed on financial regulations last year and the approach of consumer protection.

Consumer responsibilities, which are one of the largest reforms in the last few years for the FCA, calls companies that have good consequences to individual customers about the quality and price of products and services.

This change will be applied to the sales and updates of new and existing products and services on July 31, 2023, and will be fully applied to all offers on July 31, 2024.

According to KPMG's REGULATORY INSIGHTS CENTRE, said Philip Dick, "Reform has shifted to intensive directors from interpretation and implementation of policies, so the British company has been stood on consumer responsibilities for the past six months. Ta.

Mr. Dix reflects the increase in this pressure, which reflects the "major issues facing companies before the July deadline", but "pace and strength to prove the results of FCA achieved in companies. Was the main cause.

"FCA has a strong interest in obtaining data from companies. FCA has a strong interest in obtaining data from the company, and how the company complies with obligations. Dicks are promptly and actively published the first investigation, "Dick said.

"Now that this obligation is fully fulfilled, some companies will sigh, but as we have heard today, as the duty of regulatory authorities and their associated expectations evolve, consumer protection. It is unlikely that strong pressure from regulatory authorities will be alleviated. "

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FCA to strip back red tape after conceding consumer duty ‘overlap’

The city company has been forced to review and reform its work to fulfill its responsibilities.

In response to the Citi AM interview in July, the reform is a "headache seed" in July, and the company needs "tens of thousands of pages work" in July in July. He said.

FCA pointed out: "The duty for customers advocates a healthy competition based on high benchmarks, which helps to maintain the competitiveness, trust and trust in England's currency supply.

"We acknowledge the efforts of companies that have made changes to fulfill this direct responsibilities, especially for the past two years. We welcome the first consequences for consumers.

Further pressure in payments and crypto

According to KPMG, regulatory pressure is increasing in other fields that affect the buyer. The settlement scores rose from 6, 8 to 7, 1, and digital money rose from 6, 9 to 7, 3.

The report pointed out that regulatory authorities are particularly paying attention to improvement of payment infrastructure and stricter regulations on the sales of encrypted assets.

Furthermore, since October 7, banks and FinTech companies will pay up to 85. 000 pounds for scams in accordance with the latest controversy by British settlement regulations. That is required.

However, the standards for maintaining and strengthening economic and management resilience were the highest points of 8, 1 points.

Banks and insurance companies are facing new pressure to plan to withdraw from bankruptcy. A new health standard for the purpose of protecting banks from shocks is scheduled to be introduced in January 2026, but it was alleviated earlier this month as a result of the city's lobby activity.

KPMG is still an "important challenge" of regulators, but the number of companies is still "important", but the number of companies in companies has been "slowing down new policies that have been intensive for several years." He pointed out that it has decreased from 8, 4 to 7, 9. < SPAN> committee members pointed out: "The duty for customers advocates a healthy competition based on a high benchmark, which helps to maintain the competitiveness, trust and trust in England's currency supply.