'Total gear shift': Consumer Duty's call for proactive compliance

'Above all, the overarching message remains clear - don't leave it too late'

clock • 3 min read

Stephen Mitchell makes a clarion call for all regulated firms to embrace the Consumer Duty not as a regulatory hurdle but as a guiding principle in their mission to serve consumers responsibly and ethically...

The implementation of Consumer Duty on 31 July 2023 marked a significant shift towards greater transparency and accountability. As the first deadline for regulated firms, including advisers, approaches within a year after its implementation, the importance of embracing this change cannot be overstated. Consumer Duty is not merely a regulatory requirement; it is a total gear shift that demands a proactive approach from the financial industry to safeguard consumer interests. One key aspect of this shift is the annual board report that regulated firms are mandated to produce. This repor...

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