Definition ∞ The FCA Consumer Duty is a regulatory principle requiring financial firms in the UK to prioritize good outcomes for retail customers. This duty compels firms to act in good faith, avoid foreseeable harm, and support customers in pursuing their financial objectives. It applies to all products and services offered to retail clients, including those involving cryptoassets when they fall within the Financial Conduct Authority’s remit. This framework aims to raise consumer protection standards across the financial sector.
Context ∞ The implementation of the FCA Consumer Duty has significantly impacted firms operating within the UK’s financial services, including those dealing with cryptoassets. Companies are currently adapting their product design, communication strategies, and customer service processes to meet these elevated standards. A key debate involves how to apply these principles effectively to the unique characteristics and risks of digital assets. Future guidance from the FCA will likely clarify expectations for cryptoasset firms under this duty.
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