Consumer Duty: The lessons we can learn from its first year

31 July 2024 will mark the first anniversary of the implementation of the Consumer Duty, and firms will be busy preparing their first summary board report to demonstrate compliance.  In a year of intense regulatory scrutiny for the wealth and advice sector, here we reflect on key challenges faced by the sector and the main messages likely to be contained in reports produced by firms. The FCA published a strongly worded Dear CEO letter to wealth and advice firms in November 2023. The letter focused on concerns about fair value, protecting customers against fraud, and ensuring the appr...