Consumer Duty

From value to understanding

FCA released two reports to mark the third birthday of Consumer Duty

Third anniversary of landmark regulation on 31 July

'It has not bedded in quietly'

'Permanent, cultural shift within firms'

'There are still some firms that are treating Consumer Duty as a rigid one-off annual exercise'

The bottom line for boards

The FCA has six open investigations into potential Consumer Duty fair value breaches

'Data is not a by-product of systems; it is a core governance asset'

Financial planners and providers urged to avoid foreseeable harm