UK FCA gathers final public feedback on applying consumer duty to crypto firms
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The UK Financial Conduct Authority is entering the final phase of its consultation on crypto regulation and is gathering feedback on applying the consumer duty to crypto firms. The FCA emphasizes that rules are meant to set industry standards and not eliminate inherent investment risks, although the consumer duty requires firms to act in good faith. The UK regulator plans to collect all feedback by March 12 and open an application gateway for cryptoasset approvals in September. The FCA hopes to be done with all this before October, when new rules, including those already registered under money-laundering regulations (MLRs), will be authorized. The FCA has also set out proposals on how conduct standards, safeguarding, and redress will apply to crypto firms. These proposals are expected to continue the regulator’s progress towards an open, competitive, and sustainable crypto market that investors can trust. The consumer duty sets standards for crypto companies to ensure that they deliver positive outcomes for customers while helping them navigate their financial lives. Final consultation follows the package of proposals last December According to the FCA, these final consultations follow a package of proposals set out last December on applying the same approach to traditional finance in crypto. The regulator seeks to provide clear information for consumers, with well-balanced requirements for companies and flexibility to support innovation. The UK regulator is consulting on how the consumer duty will be supported by additional non-Handbook guidance to ensure companies deliver sufficient outcomes for retail customers. It will also seek feedback on its approach to handling conflicts and redress in order to ensure consumers have a clear path to resolving issues. Moreover, the FCA is looking at how to apply key conduct rules to crypto activities so that companies act transparently and fairly. Rules on buying crypto on credit and…
Filed under: News - @ January 24, 2026 5:23 am