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...

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