Consumer Duty champions officially axed

No longer a requirement from today

Jen Frost
clock • 2 min read

Firms are no longer required to have a Consumer Duty champion as of today (27 February), the Financial Conduct Authority (FCA) has confirmed.

In an update on its website, the FCA set out that the Consumer Duty, which came into force on 31 July 2023, should now be "well-embedded in firms' management discussions, processes, and policies." "On this basis, we want to provide firms with greater flexibility on their ongoing governance arrangements and from 27 February 2025 we no longer expect them to have a Duty champion, although they can retain the role should they wish to do so," the FCA stated in the update. Plans to remove the Consumer Duty champion role requirement were first aired in a January letter addressed to prime min...

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 Regulation

Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

Understanding UK money habits: FCA's 2024 Financial Lives report key takeaways

'Survey highlights significant challenges in financial resilience and pension savings'

Caitlin Southall
clock 12 June 2025 • 5 min read
Finfluencer trials delayed until 2027 due to court backlog

Finfluencer trials delayed until 2027 due to court backlog

Nikhil Rathi gave the update to aTreasury Committee hearing

Sorin Dojan
clock 10 June 2025 • 2 min read
Sustainability and market abuse concerns raised as FCA rings bell on PISCES launch

Sustainability and market abuse concerns raised as FCA rings bell on PISCES launch

PISCES regulatory regime now live

Linus Uhlig
clock 10 June 2025 • 3 min read