F1PART 1AThe Regulators
CHAPTER 1The Financial Conduct Authority
The FCA's general duties
1CThe consumer protection objective
1
The consumer protection objective is: securing an appropriate degree of protection for consumers.
2
In considering what degree of protection for consumers may be appropriate, the FCA must have regard to—
a
the differing degrees of risk involved in different kinds of investment or other transaction;
b
the differing degrees of experience and expertise that different consumers may have;
c
the needs that consumers may have for the timely provision of information and advice that is accurate and fit for purpose;
d
the general principle that consumers should take responsibility for their decisions;
e
the general principle that those providing regulated financial services should be expected to provide consumers with a level of care that is appropriate having regard to the degree of risk involved in relation to the investment or other transaction and the capabilities of the consumers in question;
f
the differing expectations that consumers may have in relation to different kinds of investment or other transaction;
g
any information which the consumer financial education body has provided to the FCA in the exercise of the consumer financial education function;
h
any information which the scheme operator of the ombudsman scheme has provided to the FCA pursuant to section 232A.
Pt. 1A substituted for Pt. 1 (24.1.2013 for specified purposes, 19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 6(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c)(2), Sch. Pts. 2, 3, 4; S.I. 2013/423, art. 3, Sch.