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 (...
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