PA360 North: Advisers must 'start now' on Consumer Duty implementation

Regulator will not prescribe on Consumer Duty compliance

Jenna Brown
clock • 2 min read

Advice firms should “start now, follow their plan and not pay lip service” to Consumer Duty compliance, delegates heard today (5 October).

Speaking at PA360 North, SimplyBiz head of business consultancy Karl Dines said it was hugely important to get Consumer Duty compliance and documentation in place but also urged firms to take their time to ensure all bases were covered. The Financial Conduct Authority's Consumer Duty will be introduced on 31 July next year. It covers all regulated firms from manufacturers to one-man-band advisers. All firms will have to document compliance with the new principle. He said: "Start now, follow your plan and do not pay lip service to it. Once you start you will be asking more questions an...

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