FCA CP26/23: What Consumer Duty Proportionality Means for Advice Firms
Explores what FCA CP26/23 means for advice firms, from Consumer Duty proportionality to technology procurement and governance.
09 October 2026
Definition
What is the Financial Conduct Authority (FCA)?
The Financial Conduct Authority is the UK regulator for financial services firms and markets. It authorises firms, sets conduct rules, supervises behaviour and takes enforcement action. Its objectives are consumer protection, market integrity and effective competition in consumers' interests.
Anyone can check whether a firm or individual is authorised, and for what, on the Financial Services Register. Dealing with an unauthorised firm means losing access to the Financial Ombudsman Service and, generally, to Financial Services Compensation Scheme cover.
Complaints go to the firm first. If unresolved after eight weeks, or if the response is unsatisfactory, they can be referred to the Financial Ombudsman Service, whose decisions bind the firm.
Not everything financial is regulated. The perimeter matters: some activities sit outside the FCA's remit entirely, which is where consumers most often find they have no recourse.
