Financial services firms that have employed “avoidance tactics” ahead of the Consumer Duty implementation deadline still have time to act before 31 July but must make inroads now, Sheldon Mills has said.
Speaking today (22 February), at the Countdown to Implementation of the Consumer Duty event hosted by Deloitte, the Financial Conduct Authority (FCA) executive director of competition and consumers said ignoring the issue would not work as the deadline for implementation was immovable. Mills thanked the many firms that had made strides towards compliance with the Duty while others had taken an avoidance approach as the task seemed too big to manage. However, he said there was still time to deliver "but you must act now". "We recognise that the Consumer Duty is significant, and for som...
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