FCA issues warning over readiness for Consumer Duty

Six months

The Financial Conduct Authority has warned that many firms have significant steps left to take before the deadline for the new Consumer Duty.

The warning followed a review of a sample of implementation of plans. The regulator said it found some disappointing results, and cited firms that had plans lacking in detail, which have been to easily approved, or the appointed consumer duty champion who was too junior to have challenge the approach. FCA executive director of consumers and competition, Sheldon Mills, acknowledged the "scale of the reform" and said it required "significant changes". "For firms which are further behind in making the necessary changes, there is time to put that right and for them to show they are act...