Consumer Duty champions officially axed

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...