FCA director urges firms to 'eat the frog' as Consumer Duty deadline looms

Consumer Duty deadline will not be moved

Financial services firms such as asset managers should ‘eat the frog’ on the implementation of Consumer Duty requirements, FCA director Sheldon Mills has said.

The colourful phrase means tackling the task you most want to avoid first. It was originated by American writer Mark Twain and espouses the virtues of getting something difficult or unpleasant done expediently so that your day only gets better from there. During a speech at an event hosted by Deloitte, Mills, executive director of competition and consumers at the UK's financial watchdog watchdog, said he realised while a law student that if he tackled the work he found the hardest or dullest first the rest was  more effortless. He explained that preparing for the FCA's Consumer Duty r...