The news this week that the FCA has axed a requirement for the boards of regulated firms to have a dedicated Consumer Duty Champion- only introduced 18 months ago - was met with some raised eyebrows.

There was a distinct whiff of change in the regulatory air this week with the FCA rapidly jettisoning plans which would have seen more rules and regulations added to its handbook.

The FCA confirmed this week that its requirement for regulated firms to have ‘Consumer Duty Champions’ has been axed.