division_name: Financial Services Bill &#8212; New Clause 21 - Duty of care specification
motion: <p class="indent" pid="b405.1/1" pwmotiontext="yes">(1) The Financial Services and Markets Act 2000 is amended as follows.</p>
  
  <p class="indent" pid="b405.1/2" pwmotiontext="yes">(2) After Section 1C insert&#8212;</p>
  
  <p class="indent" pid="b405.1/3" pwmotiontext="yes">&#8220;1CA Duty of care specification</p>
  
  <p class="indent" pid="b405.1/4" pwmotiontext="yes">(1) In securing an appropriate degree of protection for consumers, the FCA must ensure authorised persons carrying out regulated activities are acting with a duty of care to all consumers.</p>
  
  <p class="indent" pid="b405.1/5" pwmotiontext="yes">(2) Matters the FCA should consider when drafting duty of care rules include, but are not limited to&#8212;</p>
  
  <p class="indent" pid="b405.1/6" pwmotiontext="yes">(a) the duties of authorised persons to act honestly, fairly and professionally in accordance with the best interest of their consumers;</p>
  
  <p class="indent" pid="b405.1/7" pwmotiontext="yes">(b) the duties of authorised persons to manage conflicts of interest fairly, both between themselves and their clients, and between clients;</p>
  
  <p class="indent" pid="b405.1/8" pwmotiontext="yes">(c) the extent to which the duties of authorised persons entail an ethical commitment not merely compliance with rules;</p>
  
  <p class="indent" pid="b405.1/9" pwmotiontext="yes">(d) that the duties must be owned by senior managers who would be accountable for their individual firm&#8217;s approach.&#8221;&#8221;&#8212;(Alison Thewliss.)</p>