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

FCA seeks further industry input on UK's crypto regime ahead of regulation

FCA seeks further industry input on UK's crypto regime ahead of regulation

Regulation set for October 2027

Linus Uhlig
clock 15 April 2026 • 1 min read
The new suitability risk - when understanding and investment reality don't match

The new suitability risk - when understanding and investment reality don't match

'The most significant risk is not technical unsuitability. It is expectation mismatch'

Elly Dowding and Lee Coates
clock 14 April 2026 • 4 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 08 April 2026 • 1 min read