The Financial Conduct Authority (FCA) has published a review of how firms are planning to implement Consumer Duty, within which it has suggested areas of focus for firms to help with this implementation.
After the end of October 2022, the FCA requested and reviewed implementation plans from around 60 of the largest firms who have fixed supervisory teams, and who primarily operate in retail financial services markets. In the multi-firm review, published today (24 January) the FCA found that many firms show they understand and embrace the shift to delivering good customer outcomes, and have established extensive programmes of work to comply with it properly. However, it also found that some firms are further behind in their planning, so there is a risk that "they may struggle to appl...
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