The FCA has published its final rules and guidance on its new Consumer Duty. Complying will be a significant undertaking for many, and will demand a shift in mindset and operating practices for all regulated firms.
The FCA has helpfully given firms an additional three months to comply with the Duty by 31 July 2023. However, it has also set an aggressive timeline for implementation with a series of interim milestones, beginning with top-level approval of firm’s plans by 31 October 2022.
We have summarised the rules and the FCA’s expectations of firms. Contact us for help with your implementation plans and becoming compliant on time.
