Hello and welcome to 31 July. Entering the next chapter of regulation…

Consumer Duty has officially come into play after a two-year wait

Hope William-Smith
clock • 4 min read

The Financial Conduct Authority’s (FCA) new rules for financial services firms are officially in force after months of preparation up and down the nation.

The overarching aim of Consumer Duty is to set a higher standard of consumer protection. The regulation is arguably the most significant to face advice firms in more than a decade; it also comes on the back of a particularly difficult few years of Covid-induced uncertainty that has rocked financial services from the inside out. In a nutshell, the regulator today (31 July) said people should get the support they need when they needed it under the Duty, along with communications they understand and products and services that meet their needs and are fair value. "Firms should be open and...

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