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

Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

Andrew Goodwin: As the regulator plays catch-up, should advisers race towards AI's cutting edge?

'The review offers tangible evidence of the FCA playing catch-up'

Andrew Goodwin
clock 01 September 2026 • 4 min read
FCA warns on loan notes and mini-bond investment risks

FCA warns on loan notes and mini-bond investment risks

Urges consumers to be wary of high-risk investments

Jenna Brown
clock 20 August 2026 • 2 min read
SVS Securities CEO banned and fined

SVS Securities CEO banned and fined

Demetrios Hadjigeorgiou barred from working in senior management positions

Jenna Brown
clock 20 August 2026 • 2 min read