Industry split on preparation for Consumer Duty report

The report is due on 31 July, one year since the regulation took effect

Sahar Nazir
clock • 1 min read

Nearly half of industry professionals are feeling uncertain about their preparation for the first annual Consumer Duty board report to the Financial Conduct Authority (FCA).

In last week's PA Asks, 45% of the industry said they ‘don't know' if they are on track producing their annual board report. Nearly half (45%) said they are on track, whilst 10% said they are not on track producing the report. The report is due on 31 July 2024, which will mark one year since the regulation took effect. One respondent who said they are prepared to produce the report, said there have been "no major changes to the way we conduct our business, however the biggest change would be having to record/evidence it". They continued: "I'm not sure it will serve the purpose o...

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 Your profession

Farmers' groups clash with Treasury over inheritance tax reform

Farmers' groups clash with Treasury over inheritance tax reform

Industry leaders express frustration as Treasury officials reject proposals

Sahar Nazir
clock 19 February 2025 • 2 min read
Inflationary pressures 'far from tamed' as CPI comes in higher than expected at 3%

Inflationary pressures 'far from tamed' as CPI comes in higher than expected at 3%

Highest figure since March 2024

Linus Uhlig
clock 19 February 2025 • 2 min read
Former Titan Wealth employee jailed for harassment and holding confidential data

Former Titan Wealth employee jailed for harassment and holding confidential data

Marian Okunola had been given suspended sentence but now faces prison over court orders breach

Sahar Nazir
clock 18 February 2025 • 3 min read