FCA gives three-month Consumer Duty extension for advisers

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) 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 to ...