Firms to be monitored on progress preparing for April 2023 Consumer Duty

By Neasa MacErlean

The FCA is planning a 16-month preparation period for the new Consumer Duty that will be placed on firms. Recognising that some firms will have significant back books and “hundreds of product lines to review”, the regulator is “keen to work closely” with the sector, will monitor individual firms and is considering “how we can give more regular updates on what we are seeing and our views of it”.