Rules about the level of care provided by authorised persons FCA rules about the level of care provided to consumers by authorised persons
The FCA has the power to make general rules applying to authorised persons. Under section 137A of FSMA the FCA may make such rules as appear to it to be necessary or expedient for the purpose of advancing one or more of its operational objectives.
	In connection with these powers the Act requires the FCA to consult on the extent to which a duty of care, or other provision, would advance the FCA’s consumer protection objective. The FCA’s consumer protection objective, set out in section 1C of FSMA, is one of the FCA’s three operational objectives. The consumer protection objective is defined as securing an appropriate degree of protection for consumers.
	Other relevant provisions of FSMA are section 138D (action for damages) and section 206 (financial penalties).