The regulator's Consumer Duty is complex, and many firms may find it challenging and costly to implement, writes Wendy Saunders. Here the lawyer sets out what is required...
The Financial Conduct Authority (FCA) recently announced that it will soon be targeting smaller firms to understand the progress they are making in implementing the Consumer Duty. Remember, firms were due to agree implementation plans by 31 October 2022 and to have completed implementation ahead of 31 July 2023 when the new rules apply to open products and services. Is your firm fully on board with implementation? There is some concern that firms might not be fully engaged with implementation. It is important to remember that the Consumer Duty is not simply a rehash of the FCA'...
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