Member

However, complex, systemic issues often take time to come to light. By the time the harm is understood, an ordinary court timeline may already have run out, so tying the FCA’s power under Section 404 to that timeline would mean that, in exactly those cases, consumers had no route to redress at all. The wrong would be clear but nothing could be done about it. Consumers need to have confidence in the UK’s financial system and the ability of the FCA to act on systemic compliance failures, wherever it finds them. For that reason, the Government cannot accept this amendment.