FCA confirms £5.3m spend on 'embedding' Consumer Duty

Part of 2023/24 business plan

Hope William-Smith
clock • 2 min read

The Financial Conduct Authority has said it will invest £5.3m to “ensure the Consumer Duty is embedded effectively”.

The new regulation is front and centre in the regulator's 2023/24 business plan, which details its scheduled work for the next 12 months. The plan, published today (5 April), states that Consumer Duty will be an integral part of the FCA's regulatory approach and mindset "at every stage of the regulatory lifecycle" from authorisation and policy development through to supervision and enforcement priorities and processes. The watchdog said the £5.3m in new funding assigned to the regulation will allow it to undertake "sector-specific supervisory work". "Through targeted multi-firm wor...

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