Commenting on the FCA's 2025-2030 Strategy and Consumer Duty rule review, Chris Cummings, Chief Executive of the Investment Association (IA), said:
"Today's strategy from the FCA is a welcome, clear commitment from the regulator to support UK growth and competitiveness, alongside a focus on helping the customers of today and tomorrow.
“Rebalancing risk is key - the shift in regulatory approach demonstrates the regulator has listened to the calls from the IA to tackle ‘safetyism’ and recognised that there is a risk in consumers not taking decisions which could improve their future outcomes. We want more people to benefit from investing and will work with the regulator to achieve their target to see a higher proportion of consumers holding mainstream investments – another key ask of our industry. Building trust to help people take informed decisions on appropriate risk will enable them to build their financial resilience and enjoy more prosperous retirements.
“In tandem with this, we welcome that the FCA has heeded calls from industry that its approach to supervision must change, and on simplifying the rulebook following Consumer Duty. It is important that the regulator fully implements its aim of simplification, and we will work with the FCA to deliver this specific programme of action, while also ensuring that regulation remains fit for the future.”
For further information, please contact:
Helen Ayres, Head of Communications: helen.ayres@theia.org
T: +44 (0)20 7269 4620
Ellen Hodgetts, Communications Manager: ellen.hodgetts@theia.org
T: +44 7548841289
IA Press Office: press@theia.org
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 250 members manage £9.1 trillion of assets and the investment management industry supports 126,400 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
- The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.