Part 5: Rules about level of care provided by authorised persons Section 29: FCA rules about level of care provided to consumers by authorised persons
Subsection (1) requires the FCA to carry out a public consultation about whether it should make rules providing that authorised persons owe a duty of care to consumers.
	Subsection (2) details three considerations that this consultation must include. First, the consultation should consider the introduction of other provisions in the FCA’s rules on the level of care that must be provided to consumers by firms, either instead of or in addition to a duty of care. Second, the consultation should consider whether a duty of care or other provision in its rules should apply to all consumers or to particular classes of consumer. Third, the consultation should consider the extent to which a duty of care, or other provision, would advance the FCA’s consumer protection objective.
	Subsection (3) requires the FCA to carry out this consultation, and publish its analysis of responses, before 1 January 2022. It also requires the FCA to make general rules about the level of care provided to consumers following this consultation before 1 August 2022, having regard to its analysis of the consultation’s responses.
	Subsection (4) provides that the requirement to consult may be satisfied by a consultation, undertaken by the FCA, that is carried out between 1 January 2021 and the commencement date for this section (as well as consultations which are carried out after the section’s commencement date).
	Subsection (5) specifies the meaning of the terms ‘authorised person’, ‘consumer’, and ‘general rules’ according to the definitions given in FSMA.