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

CII: Vulnerable client management is 'an opportunity for growth'

CII: Vulnerable client management is 'an opportunity for growth'

Firms can expand potential client bases

Isabel Baxter
clock 07 April 2026 • 2 min read
Common language used by advisers triggers anxiety and distrust among retirees

Common language used by advisers triggers anxiety and distrust among retirees

Product-led communication one of the biggest drivers of mistrust

Laura Purkess
clock 01 April 2026 • 1 min read
Advisers: Are you even taking your own advice?

Advisers: Are you even taking your own advice?

Exploring the expenditure consolidation conversation

Nick Ryan
clock 25 March 2026 • 4 min read