The FCA's all-encompassing Consumer Duty, in essence, means firms now need to become research houses to assess their client engagement and associated culture, writes Chris Davies...
So, the final rules are here and not much has really changed other than the implementation period has been extended slight for live business to 31 July 2023, and closed book business has until 31 July 2024. Plus (wait for it) firms need to be up and running on their implementation by October '22! Although any extension is welcome, it's not long enough in my opinion given the ramifications this all-encompassing regulatory directive brings. Think Operational Resilience which has an implementation and transitional period totalling four years. In its policy statement PS22/9, the FCA pa...
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