PA Consulting comments on the FCA's new Consumer Duty
Commenting on the FCA’s new Consumer Duty, PA Consulting’s financial services risk and regulation expert, Caroline Wayman, says:
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. After much consideration, the FCA has now passed the baton to financial services leaders, who must step forward and deliver for their customers. Firms, and their boards, are now under time pressure to deliver robust plans and ensure their cultures and practices meet the new requirements.
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. Whilst many are progressing well with their preparations, today should push the Duty to the heart of their plans.