FCA Consumer Duty Guidance Consultation for Cryptoasset Firms (GC26/2)

Summary

The UK Financial Conduct Authority has opened a guidance consultation on how its Consumer Duty framework applies to firms undertaking regulated cryptoasset activities. The consultation paper, GC26/2, sets out the FCA’s proposed approach to interpreting conduct expectations for cryptoasset firms serving UK retail customers, including requirements related to consumer understanding, product design, disclosures, price and value assessments, and customer support.

The FCA said the guidance is intended to clarify how Consumer Duty obligations apply in the context of crypto markets, given the distinctive structural features and risks associated with digital asset products and services.

Why it matters

The consultation represents a key conduct-regulation signal within the UK’s developing cryptoasset regime. By applying Consumer Duty standards to crypto firms, the FCA is outlining how retail-facing crypto services will be assessed under outcomes-based consumer protection rules ahead of the planned regulatory gateway for authorised cryptoasset activities.

Primary regulatory documents

• FCA — GC26/2: Application of the Consumer Duty to cryptoasset firms (consultation paper)
• FCA consultation landing page

Coverage

• FCA Consults on Consumer Duty Guidance for Cryptoasset Firms