Platforms quizzed by FCA on Consumer Duty preparation

30 platforms given days before the Consumer Duty deadline to respond

Sahar Nazir
clock • 1 min read

The Financial Conduct Authority (FCA) is seeking to determine what approach platforms are taking to align themselves with the values of its Consumer Duty regulation.

The regulator wrote in a letter yesterday (13 July) to investment platforms that it is looking to understand how they have considered their approach in view of the upcoming rules.The question was: "Has the firm reviewed its approach to the retention of interest in the light of the Consumer Duty?" Around 30 platforms have been given just a few days before the Consumer Duty deadline to respond to the FCA's letter. They are required to respond by 27 July. The question comes amid a wider host of questions platforms were asked regarding cash margins. Platforms were also questioned as to...

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