Will the FCA be lenient or harsh?

As we head towards the FCA’s first review, we’re in uncharted territory. No one really knows what the stance of the regulator will be – they can only guess. Any form of action is, of course, likely to be proportionate to the failure to meet Consumer Duty. The problem is that one person’s view of a ‘bad outcome’ may be different from another’s – so what will be the regulator’s view?