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

  • 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

FCA vows to fight British Steel redress scheme legal challenge

FCA vows to fight British Steel redress scheme legal challenge

Advisory firms in British Steel Action Group take court action against compensation

Jenna Brown
clock 23 January 2023 • 2 min read
Foreseeable harm: The key to Consumer Duty compliance

Foreseeable harm: The key to Consumer Duty compliance

'Looking both ways across the value chain'

Chris Davies
clock 16 January 2023 • 4 min read
FSCS sets management expenses budget of £99.8m for 2023/24

FSCS sets management expenses budget of £99.8m for 2023/24

Latest budget update released for day-to-day running costs

Jenna Brown
clock 12 January 2023 • 2 min read