CEOs must own Consumer Duty

Time to engage with what the FCA is proposing

clock • 4 min read
Mary Wong of PEN Partnership
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Mary Wong of PEN Partnership

The door recently closed on the first stage of the FCA Consumer Duty consultation and work is going on to formulate a regulation that will come into force in 2022.

I wonder how many CEOs within asset and fund management firms earmarked this new regulation as a priority for them personally? There a number of reasons why it may not have been prioritised: 1. It is a period of consultation so no hard and fast rules have yet been agreed. 2. New rules are not due to be in force for at least another year. 3. It sounds very like a refresh of the Treating Customers Fairly rules that are already in place. If you are a CEO that has this proposed new regulation in sight, there is a strong likelihood the task of considering/responding to it has land...

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