The FCA Consumer Duty—application to asset managers

Copyright © 2025 LexisNexis
Produced in partnership with Louise Tudor-Edwards of Simmons & Simmons , Millie Jessel of Simmons & Simmons and Jie Clues–Low of Simmons & Simmons
Practice notes

The FCA Consumer Duty—application to asset managers

Copyright © 2025 LexisNexis

Produced in partnership with Louise Tudor-Edwards of Simmons & Simmons , Millie Jessel of Simmons & Simmons and Jie Clues–Low of Simmons & Simmons

Practice notes
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This Practice Note considers the implications of the Financial Conduct Authority (FCA)’s Consumer Duty (Duty) to FCA authorised firms that have permission to carry out the following activities: (i) managing an alternative investment fund (AIF); (ii) managing an undertaking for collective investment in transferable securities (UCITS); or (iii) managing investments. In particular, it considers the main elements of the Duty, including its application and scope (relevant exclusions; the meaning of material influence, and the proportional application of the Duty), the Consumer Duty principle, the cross-cutting rules and the four outcomes as they apply to asset management firms. For information on the main elements of the Consumer Duty with general application, see Practice Note: The FCA Consumer Duty—essentials.

The Duty came into force for new and existing products and services that are open for sale (or renewal) from 31 July 2023 and for closed book products and services on 31 July 2024. For key developments relating to the FCA’s

Louise Tudor-Edwards
Louise Tudor-Edwards

Financial Services Regulatory Partner, Simmons & Simmons

Louise is a Partner in the Financial Services Regulation group of Simmons & Simmons LLP. Louise specialises in advising buy-side firms, including hedge fund managers, private equity houses and institutional managers, on all aspects of the UK and EU regulatory regimes.

Louise’s primary focus is advising fund managers (both in the UK and globally) on regulatory issues including MiFID, AIFMD, SMCR, compliance with the FCA Rules, client documentation, compliance policies and procedures, anti-financial crime requirements and cross-border business. Louise also advises other asset management firms, investment banks, private banks and brokers on a spectrum of financial services law and regulatory issues. Louise is also an expert in environmental, social and governance (ESG) issues and sustainable finance.

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Millie Jessel
Millie Jessel

Financial Services Regulatory, Managing Associate, Simmons & Simmons

Millie is a managing associate in our Financial Services Regulation practice. Millie’s primary focus is advising institutional managers, investment banks, private banks and wealth managers (both in the UK and globally) on a wide range of UK and EU regulatory matters, including advice on MiFID2, UCITS, AIFMD, SMCR, compliance with the FCA rules, compliance policies and procedures and ESG issues. In addition, she has coordinated a significant number of regulatory change projects, including FCA authorisation applications. 

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Jie Clues–Low
Jie Clues–Low

Supervising Associate, Simmons & Simmons

Jie is a supervising associate in the Simmons & Simmons Financial Services Regulatory team in London. Her recent experience includes a focus on advising in relation to the UK Consumer Duty and investor protection rules. Jie also frequently provides advice in relation to the UK licensing perimeter and financial promotion rules, MiFID, UK SMCR and various cross-border regulatory issues. 

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Jurisdiction(s):
United Kingdom

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