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...
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