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

  • 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

Could Consumer Duty push asset managers out of UK retail market?

Could Consumer Duty push asset managers out of UK retail market?

Compliance will weigh more on those with global businesses and offerings

Cristian Angeloni
clock 01 December 2023 • 10 min read
FE Fundinfo's Stephen Mitchell

Client communication: No room for one-size-fits-all under third pillar

Consumer Duty’s third pillar is a game-changer for client comms

Stephen Mitchell
clock 21 November 2023 • 4 min read
Consumer Duty has not helped less wealthy clients, industry agrees

Consumer Duty has not helped less wealthy clients, industry agrees

The industry says it has not helped moderately wealthy access advice

Isabel Baxter
clock 10 November 2023 • 1 min read