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...

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