Act now to formalise Consumer Duty proposition, advisers warned

PA360 Conference

Jenna Brown
clock • 2 min read

Advisory businesses have been urged to get their skates on to formalise a Consumer Duty proposition ahead of the looming implementation deadline.

Speaking at PA360 in London on 27 April, SimplyBiz head of business consultancy Karl Dines(pictured) said in just three months' time the rules will be in place.  "It is right at our doorstep," he warned. "There is work that you guys are going to have to do. And there will be a cost to that." The Financial Conduct Authority laid out its plans in Consultation Paper CP21/36, which closed on 15 February 2022. The rules apply from 31 July 2022 with an implementation period of nine months up to April 2023. Dines said the incoming Consumer Duty could be thought of as a "turbocharged TFC (...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
 Be the first to hear about our events and awards programmes.



Already a Professional Adviser member?


More on Regulation

Caroline Rainbird

FSCS levy demand for 2023/24 'significantly' cut to £270m

Updated levy is £208m lower than the forecast published in November 

Jenna Brown
clock 25 May 2023 • 3 min read
SDR holds “a lot of promise”, the firm said, especially in a simplified disclosure for consumers

Morningstar: FCA has 'once-in-a-generation opportunity' in SDR

Sustainability Disclosure Requirements to build a 'truly cohesive' framework

Elliot Gulliver-Needham
clock 18 May 2023 • 3 min read
FCA censures Lighthouse after British Steel 'serious failings'

FCA censures Lighthouse after British Steel 'serious failings'

Quilter-owned firm has paid out £23m in redress

Jenna Brown
clock 15 May 2023 • 2 min read