FCA on hunt for 'a mindset change' with Consumer Duty

The watchdog will be using its supervisory powers to enforce rules

Sahar Nazir
clock • 1 min read

The Consumer Duty is “an entirely new set of rules”and the Financial Conduct Authority (FCA) is “looking for a mindset change” , according to Linklaters.

Speaking to Professional Adviser, counsel Sara Cody warned the regulation is the biggest for the advice market since the Retail Distribution Review. "Consumer Duty is not an update for firms to continue doing what they have been doing," she said. "The FCA can force the rules on firms." Cody warned that firms need to work on their prioritisation ahead of the Consumer Duty deadline in order to stay compliant. With the deadline of 31 July fast approaching, firms are expected to act to deliver good outcomes for customers. "There is a lot of work for advisers to do as firms prepare f...

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 Consumer Duty

Andrew Goodwin: Consumer Duty and good outcomes - hope springs eternal

Andrew Goodwin: Consumer Duty and good outcomes - hope springs eternal

'In the spirit of Freeman John Dyson, let's not give up hope just yet'

Andrew Goodwin
clock 08 October 2025 • 4 min read
Firms continue to face Consumer Duty board reporting challenges

Firms continue to face Consumer Duty board reporting challenges

Need for further clarity and standardised templates, CII report finds

Isabel Baxter
clock 26 September 2025 • 2 min read
Two years of Consumer Duty: The best of times, or the worst of times?

Two years of Consumer Duty: The best of times, or the worst of times?

‘Now that we are two years in, we can begin to look back and reflect’

Sandy McGregor
clock 20 August 2025 • 6 min read