Harriet Christie believes the FCA has 'bet the house' on the introduction of Consumer Duty. Here she assesses its impact on financial advice and wealth management...
The Financial Conduct Authority's (FCA's) Consumer Duty officially came into action over a year ago, with an implementation deadline of 31 July 2023 for all new and existing products and services. The regulator favoured a phased approach, with different obligations landing at different stages throughout the adaptation. This concluded in July 2024, the deadline for closed products and services, and also for firms' first annual reports on complying with the new regulations. The one-year anniversary is an appropriate milestone to assess the Duty's impact so far, how well it has fulfille...
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