Consumer Duty and Ombudsman complaints could be dropped for crypto firms

By Neasa MacErlean

Crypto firms may be allowed to operate outside the Consumer Duty and without any mechanism for consumers to complain to the Financial Ombudsman Service. These are among the issues being consulted upon by the Financial Conduct Authority, which plans to have the design of its new regime ready in 2026. Draft legislation has also been drawn up but no date has been set for its introduction.