FCA should name firms that miss Consumer Duty report deadline

First Consumer Duty board report deadline is 31 July

Jenna Brown
clock • 2 min read

The Financial Conduct Authority (FCA) should name and shame advisory firms that fail to produce the mandated Consumer Duty board report by 31 July, according to PA Asks respondents.

Firms are expected to complete annual Consumer Duty compliance reports with the first due on at the end of next month. While firms do not have to submit these to the regulator they are expected to be completed and could be requested by the FCA. PA Asks gauged opinion on what the regulator should do if firms do not create their reports on time. Many respondents said firms should be named and shamed as well as fined for non-compliance. One respondent said: "Name and shame them. They've had plenty of time." Another added that the regulator should stop their ability to trade until the ...

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