As is clear from exhaustive analysis over many years, the key issues regarding conduct in financial services in the early 2000s were - 

1. poor culture and governance in certain firms, and
2. inadequate regulatory oversight and enforcement, with a major factor being the lack of regulatory tools to apportion and enforce individual accountability.

The legal and regulatory landscape has been further strengthened and supplemented considerably in recent years (including arrangements addressing the very important matter of individual accountability, providing tools not available to the previous regulator) and, crucially, it needs time to 'bed down' and be tested.

The clear conclusion is that, since there are ample rules, law and duties to protect UK financial service customers, there is no need for an additional duty of care.  Therefore, we do not support the proposal.

Read the full response here.