Nearly a quarter of firms 'still have work to do' ahead of Consumer Duty

One month to go

Nearly a quarter (23%) of firms still have “some work to do” before the Consumer Duty deadline at the end of next month.

The Financial Conduct Authority (FCA) said it is "concerned that a small minority of firms have not prioritised the Duty sufficiently". The watchdog commissioned Ipsos UK to undertake a survey between March and early May 2023 among 1,230 firms in finding out their preparedness ahead of the regulation. FCA confirms £5.3m spend on 'embedding' Consumer Duty The majority (64%) of firms said they would be fully compliant by the 31 July deadline, while 7% said they would still have significant work to do after the deadline or had not started work on the Duty. Two groups of firms - ret...