Ann-Marie McElhinney: Why advisers should act now on Consumer Duty

'Clock is already ticking'

clock • 5 min read

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...

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

Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read
A practical way forward: Utilising hybrid to close the advice gap

A practical way forward: Utilising hybrid to close the advice gap

Will the FCA's advice/guidance review increase access to advice?

Chet Velani
clock 02 April 2024 • 6 min read