Industry welcomes consumer duty extension despite 'tight timelines'
PA Consulting’s Caroline Wayman, risk and regulation expert, comments on the new Consumer Duty regulation in an article by Sonia Rach in FT Adviser.
Commenting on the new regulations set out by the FCA, Caroline says that today marks “a new era for financial services firms”, where better outcomes for customers and enhanced competition must now be at the top of the agenda.
Adding that: “After much consideration, the FCA has now passed the baton to financial services leaders, who must step forward and deliver for their customers,” and “Firms, and their boards, are now under time pressure to deliver robust plans and ensure their cultures and practices meet the new requirements.
Caroline concludes: “With just three months for boards to sign off plans, and 12 months to implement this for most customers, firms will have their work cut out. With the cost of living crisis tightening its grip, we are likely to see the FCA use the duty to ensure firms are really delivering.”