The Financial Conduct Authority's (FCA) Consumer Duty has been dubbed a watershed moment for the retail financial services industry, raising the threshold for good consumer outcomes and marking a step change in how firms should be approaching regulatory change.
The next set of deadlines: what is required and by who? By 30 April, manufacturers must complete their products and services reviews to meet the four outcome rules for their existing open products and services and share this key information with distributors to meet their obligations under the Duty and identify required changes. Then, from 30 April, firms will be running against the clock to meet the implementation deadline for new and existing products or services that are open to sale or renewal, which falls just three months later on 31 July. However, with no flexibility on the d...
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