UK Finance has responded to the FCA's consultation CP 21/13 on a new Consumer Duty. In our response, we state that while we support the FCA's aims for the Consumer Duty, we are concerned that shortcomings in its formulation and implementation, as well as unintended consequences, could mean its introduction does more harm than the benefits it seeks to achieve, to the detriment of consumers and firms alike. We hope that the comments and recommendations set out in our response help to avoid that eventuality and we stand ready to discuss these collaboratively with the FCA as it moves to the next stage of its consultation.