Brokers split on benefits versus costs of Consumer Duty
Only 49% of brokers agree the long-term benefits to their firm of the Consumer Duty will outweigh the short-term costs, according to research by the Financial Conduct Authority.
The FCA surveyed 1,230 mainly SME firms – including 152 personal and commercial lines insurance intermediaries – from March to May to look at how prepared they are for the new rules that come into force on 31 July.
In the broking cohort, 21% strongly agreed that the benefits will outweigh the costs. A further 28% were more measured in their support, saying they only tended to agree it would be a positive balance.
NegativeIn total, 20% had a negative outlook, either strongly disagreeing or
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