Advisers fear Consumer Duty report deadline due to lack of evidence

Ortec Finance found that one in twelve (8%) respondents fear their company will not meet the 31 July 2024 deadline. The primary reasons include an inability to provide sufficient evidence of board engagement with Consumer Duty and incomplete reviews of their approach to vulnerable customers, including assessing whether customer support meets these clients' needs. Other reasons cited in the research were inadequate reviews of internal governance processes and policies, incomplete staff training, and insufficient evidence of identifying potential consumer harm. Managing director of g...