FCA highlights key concerns for Consumer Duty implementation

Following a review of firms' progress the regulator has flagged areas "where firms may need to improve their implementation approach" and what to focus on in the final run-up. Denis O'Connor reports.

Denis O'Connoris a fellow of both the Institute of Chartered Accountants in England & Wales and the Chartered Institute of Securities and Investment. He was a member of the British Bankers' Association Money Laundering Committee from 2003-10 and a member of the Joint Money Laundering Steering Group's board and editorial panel between 2010 and 2016. He has been a frequent speaker at industry conferences on financial crime issues, both in the United Kingdom and abroad.

The Financial Conduct Authority has published its review of firms' implementation plans for the new Consumer Duty, which takes effect on 31 July 2023. [1] Many firms have shown that they understand and have embraced the shift to delivering good customer outcomes with extensive work programmes to deliver compliance. However, some firms were found to be behind in their planning, thus throwing into doubt whether they will be able to comply with their new obligations once they come into force.