To reduce the burden on wholesalers, we have excluded non-UK businesses from the scope of our consumer obligations.

These changes are part of the FCA’s plans to give wholesale firms the confidence to apply their duties proportionately. Under the proposal, businesses will benefit from:

We exclude business to non-UK customers from the scope of the tariff if there is no clear connection to the UK or a reasonable expectation of UK protection. With clearer boundaries around what’s out of bounds, you can focus on running your business without having to prove that tariffs don’t apply. Corporate responsibilities become clearer when collaborating across the distribution chain and including complex product design.

Simon Walls, Market Director, said:

‘Consumer duties deliver good results and help build trust with retail consumers, but they were never intended to be wholesale tariffs levied on transactions between sophisticated parties. That’s why we’re improving our range to bring greater clarity to the wholesale market and continue to focus on the consumer outcomes we’re built to improve.’

The FCA has also today published proposals to further simplify insurance regulation while maintaining an appropriate level of consumer protection.

The FCA will continue to engage businesses and other stakeholders to support the effective implementation of consumer obligations and deliver good outcomes across markets.

Note to editors

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