Stumbling towards the Consumer Duty

A flurry of Dear CEO letters to sectors within the financial services industry have set out the Financial Conduct Authority's concerns in the lead-up to commencement of the Consumer Duty on 31 July. But Adam Samuel fears that lack of effective enforcement could leave the virtuous running up their consulting and staff bills while others carry on as ever.

Adam SamuelBA LLM DipPFS MCISI FCIArb Certs CII (MP&ER) Barrister and Attorney may be contacted atadamsamuel@aol.com.For links to where you can buy the second edition of 'Consumer Financial Services Complaints and Compensation', seewww.adamsamuel.com/writing.

With just a few months to go before implementation date, the Consumer Duty rules and guidance continue to show financial services regulation in the United Kingdom at its very worst. The actual rules change very little. However, the Financial Conduct Authority is still covering up its inadequacies in this area by creating bureaucracy, much of which is disconnected with its original purpose: the protection of consumers.