FCA confirms 12-month implementation for Consumer Duty
The Financial Conduct Authority has confirmed a 12-month implementation period for its new Consumer Duty which will come into force on 31 July 2023.
The deadline will affect all new and existing products and services currently on sale. For closed book products that are no longer on offer the Consumer Duty will come into force a further year later on 31 July 2024.
When the FCA consulted on the Consumer Duty last December it originally proposed a timeline of 30 April 2023 for all products and services.
Earlier this month minutes from a recent FCA board meeting showed it was considering switching to a phased approach and extending the
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