With just 11 months until the end of the Consumer Duty implementation period, firms need to act now on reviewing procedures or risk being caught out if the regulator comes calling, writes Ann-Marie McElhinney
The latest FCA regulatory initiatives grid confirms the Consumer Duty timetable, with the final policy statement due in July and implementation by April 2023. The regulator also stated in its consultation paper last December (CP21/36) that it expects "firms to use the implementation period fully and to be able to demonstrate progress when asked". The clock is already ticking on Consumer Duty and firms need to set up good processes now so that you're ready for when the enforceable rules arrive. According to a recent survey by M&G Wealth, nearly three-quarters of advisers are concern...
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