The Financial Conduct Authority (FCA) is considering handing advisory firms a further six months to implement the incoming Consumer Duty rules beyond the April 2023 deadline.
With the new rules set to come into force at the end of this month (31 July), adviser firms currently have until April 2023 to implement the necessary changes to their operations. The regulator is now considering adding a further six months to that timeline, meaning advisers would have until October next year to finalise their preparations. An FCA spokesperson told COVER that the regulator is still considering "every option" and that an official course of action had yet to be finalised. "We have received extensive feedback from industry and consumer groups to the consultation quest...
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