Industry split on preparation for Consumer Duty report

The report is due on 31 July, one year since the regulation took effect

Sahar Nazir
clock • 1 min read

Nearly half of industry professionals are feeling uncertain about their preparation for the first annual Consumer Duty board report to the Financial Conduct Authority (FCA).

In last week's PA Asks, 45% of the industry said they ‘don't know' if they are on track producing their annual board report. Nearly half (45%) said they are on track, whilst 10% said they are not on track producing the report. The report is due on 31 July 2024, which will mark one year since the regulation took effect. One respondent who said they are prepared to produce the report, said there have been "no major changes to the way we conduct our business, however the biggest change would be having to record/evidence it". They continued: "I'm not sure it will serve the purpose o...

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

Cost of advice remains 'significant deterrent' to many potential clients

Cost of advice remains 'significant deterrent' to many potential clients

Schroders Personal Wealth research reveals 31% stay away due to price tag

Jenna Brown
clock 20 January 2025 • 2 min read
Younger clients: No need for advisers to play 'waiting game'

Younger clients: No need for advisers to play 'waiting game'

'One of the challenges that advisers can face is simply connecting with younger people'

Ahmed Bawa
clock 20 January 2025 • 4 min read
PA Asks: Have any of your clients fallen victim to a romance scam?

PA Asks: Have any of your clients fallen victim to a romance scam?

This week’s poll also looks at Consumer Duty board champions and rising gilt yields

Professional Adviser
clock 20 January 2025 • 1 min read