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

Retail finance providers and debt advice firms scored consistently lower than others

Sahar Nazir
clock • 1 min read

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. 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 - retail finance providers and debt advice firms - scored cons...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

SJP firm Twelve Wealth Management acquires fellow partner practice

SJP firm Twelve Wealth Management acquires fellow partner practice

Managing director Matt Smith joins the firm

Isabel Baxter
clock 05 November 2025 • 1 min read
More than half of advisers view compliance as their main challenge

More than half of advisers view compliance as their main challenge

Fidelity Adviser Solutions finds

Sahar Nazir
clock 05 November 2025 • 2 min read
PA Asks: Have more of your clients taken their tax-free cash?

PA Asks: Have more of your clients taken their tax-free cash?

Plus, did the FCA's consolidation review go far enough?

Professional Adviser
clock 05 November 2025 • 1 min read