Jurisdiction(s):
United Kingdom

Key definition

FCA definition

What does FCA mean? In legal practice, FCA means the UK financial conduct authority, the conduct regulator for most financial services firms and markets. It sets and enforces conduct standards (including the Consumer Duty), authorises firms and individuals, and oversees markets so they function well for consumers and market integrity. Created by the Financial Services Act 2012 and exercising powers under the Financial Services and Markets Act 2000 (FSMA), the FCA replaced the FSA in 2013. It makes rules in the FCA Handbook, polices financial promotions (FSMA s.21), supervises firms, and uses extensive enforcement powers. The FCA is the UK competent authority...

FCA Consumer Duty in UK retail banks and building societies: scope and supervisory priorities on savings fair value, SMEs, customer support and branch closures, mortgages, vulnerable customers, and data/AI

Published by a LexisNexis Financial Services expert

Practice notes

Note

The FCA issued its Regulatory Priorities Report for retail banking in March 2026 (see FCA publishes 2026 regulatory priorities report for retail banking). This Practice Note will be updated to take account of the Report.

This Practice Note examines how the FCA’s Consumer Duty applies to retail banks and building societies. For simplicity, the term ‘retail bank’ is used throughout to cover both institutions, unless a distinction is required.

The Consumer Duty became effective on 31 July 2023 for new and existing products and services that remain open for sale or renewal. In broad terms, the Duty applies to firms carrying out regulated activities in the UK within the FCA’s remit.

Given their extensive product and service ranges, retail banks may have direct relationships with retail customers, and indirect ones through participation in distribution chains that end with a retail customer. The Consumer Duty is relevant in both scenarios; however, the extent of its application depends on the firm’s responsibility for setting, or materially influencing, outcomes for retail customers. This Practice Note considers the application of the Consumer Duty to...

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Michael Oxlade

Simmons & Simmons

Michael Oxlade is a member of Simmons & Simmons’ financial services regulatory practice in London, focusing on regulated payments and lending. Michael works with major banks, FinTechs, and payments firms on the regulation of payment services and consumer credit lending. Before joining Simmons & Simmons in 2024, Michael spent more than a decade in the consumer finance team at another London-headquartered global law firm. ...

Web page updated on 22/05/2026

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