The Financial Conduct Authority (FCA) is likely to take swift action on Consumer Duty non-compliance with the largest firms in the firing line post-31 July, delegates heard.
Speaking at the Professional Adviser Management Retreat in Surrey today (17 May), Bankhall head of wealth propositions John Higginbottom said he expected the regulator to move quickly after the deadline passes. He said: "We are expecting someone to get hit quite hard, quite soon after 31 July. Probably one of the larger firms." Higginbottom also said there was a political driver behind the regulator's push on Consumer Duty, which he described as treating customers fairly (TCF) "on steroids". He told advisers in the room: "TCF wasn't rules, it wasn't backed by parliament. Consumer D...
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