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 report se...
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