As part of its consumer investment strategy, the U.K.’s Financial Conduct Authority has introduced a new “consumer duty” (Consumer Duty) that aims to improve how firms serve consumers. In addition, the FCA has finalized new rules for marketing high-risk investments (High-Risk Marketing Rules) to ensure that only investors with appropriate risk appetites invest in high-risk products. Although the Consumer Duty does not go into effect until July 2023, firms must comply with the High-Risk Marketing Rules beginning on December 1, 2022. In light of the broad application of the rules to fund managers, placement agents and other service providers, MJ Hudson partner Mike Booth presented a program examining key features and terms of both rules. This first article in a two-part series provides useful background information for both rules before delving into the nuances and requirements of the High-Risk Marketing Rules. The second article describes relevant takeaways for fund managers about their obligations under the Consumer Duty. For further analysis from MJ Hudson, see our two-part series: “Report Details Increased LP Power in Key PE Terms Marking Alignment of Interests” (Sep. 28, 2021); and “Report Analyzes Trends in Negotiated Terms Relating to PE Fund Governance” (Oct. 5, 2021).