Consumer Duty timeline ambitious but achievable, says FCA
The Financial Conduct Authority has explained its decision to switch from a proposed implementation period ending 30 April 2023 to one ending 31 July 2023 as it revealed the timetable for its new Consumer Duty regulations.
Some firms had asked for two years to implement the rules which the FCA decided was too long to wait.
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.
Ian Searle, head of department, consumer duty, at the FCA stated: “It is still ambitious but we think achievable,” adding that the extra year for closed books products reflected
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