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<p>The Government has no plans to publish a report on the impact of the Consumer Duty.</p><p>
</p><p>The Consumer Duty was introduced by the Financial Conduct Authority (FCA),
which is operationally independent from Government and is directly accountable to
Parliament for how it carries out its functions. The FCA has committed to monitoring
the outcomes experienced by different consumer groups, including those in vulnerable
circumstances, to check they are not being disadvantaged as a result of the Duty.
It also publishes information about the implementation of the Consumer Duty by firms,
including examples of good practice and areas for improvement, on its website: https://www.fca.org.uk/firms/consumer-duty</p><p>
</p><p>The Financial Services and Markets Act 2023 introduced a new requirement on
the financial services regulators to keep their rules under review, and to publish
a statement of policy for how they conduct rule reviews. The FCA’s rule review framework
can be found at: <a href="https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework"
target="_blank">https://www.fca.org.uk/publications/corporate-documents/our-rule-review-framework</a>.</p><p>
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