The Consumer Duty crossroads: Less red tape, more enforcement risk

As the 31 July deadline arrives, boards or other governing bodies across the UK financial services sector are reviewing, challenging, and signing off on their annual Consumer Duty reports. Far from a passive compliance exercise, this year's reporting cycle marks a critical crossroads in regulation. Recent updates from the Financial Conduct Authority, culminating in an updated focus strategy and the landmark Consultation Paper CP26/23, signal a major shift in the regulator's philosophy. The FCA is increasingly treating the industry as "grown-up," moving away from prescriptive rulebo...