FCA gives three month Consumer Duty extension for advisers

Deadline of 31 July 2023

The Financial Conduct Authority is allowing firms 12 months until 31 July next year to implement its new Consumer Duty rules for all new and existing products and services that are currently on sale.

It had considered setting a nine-month implementation period for the new Consumer Duty, whose final rules were published today (July 27), but added a three-month extension to give firms more time following an industry consultation. However, by the end of October 2022, the regulator expects that firms' boards (or equivalent management body) to have scrutinised and signed off on the firms' implementation plans, and that they maintain oversight of the implementation work to ensure it remains on track and meets the standards of the duty, it said. In addition, firms should expect to be asked ...