“By the FCA’s own admission, this represents a fundamental reset of the industry’s approach to its customers. The amount of work that will need to be undertaken in terms of reviewing products, setting up systems and governance to ensure compliance with the consumer duty across the product and customer lifecycle is enormous." - Society of Pension Professionals

The FCA's proposed consumer duty will require firms to ask themselves what outcomes consumers should be able to expect from their products and services, act to enable rather than hinder these outcomes and assess the effectiveness of their actions.

Firms will be expected to be fully compliant within months of the new measures coming into place. To discuss what this means for your business and ensure you are prepared for regulatory change - get in touch today.