Industry 'well placed' to live up to FCA's Consumer Duty expectations

FCA wants ‘uplift in standards’ across the board

Jenna Brown
clock • 4 min read

Financial services firms are “well placed” to live up to the “step up in standards” brought about by the Consumer Duty rules but forward implementation planning is essential.

Abrdn head of industry change Alastair Black said the Financial Conduct Authority (FCA) absolutely expected "all parts of financial services to take this seriously" and while the regulator does not expect firms to be able to see into the future there would be an expectation of anticipation when it comes to good client outcomes. The Consumer Duty, the first implementation deadline for while passed on 31 October, introduces a new regulatory principle which puts good consumer outcomes front and centre. All regulated firms will be expected to be in compliance with the requirements by July 20...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Prospectus Reform: How the FCA is dealing with mini-bond scandal ghosts

Focused on retail investor access to corporate bonds

Cristian Angeloni
clock 17 July 2025 • 3 min read
Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Campaign group pushes for Leeds Reforms parliamentary inquiry and pause

Cannot forget lessons learned from 2008 financial crisis, founder urges

Jen Frost
clock 17 July 2025 • 3 min read
Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Rachel Reeves reveals 'most wide-ranging reforms' in Mansion House speech

Includes redress changes and wholesale Consumer Duty review

Cristian Angeloni
clock 16 July 2025 • 3 min read