FCA gives three-month Consumer Duty extension for advisers

Deadline of 31 July 2023

clock • 5 min read

The Financial Conduct Authority (FCA) is allowing firms 12 months until 31 July 2023 to implement its new Consumer Duty rules for all new and existing products and services that are currently on sale.

It had considered setting a nine-month implementation period for the new Consumer Duty, whose final rules were published today (July 27), but added a three-month extension to give firms more time following an industry consultation. However, by the end of October 2022, the regulator expects that firms' boards (or equivalent management body) have scrutinised and signed off on the firms' implementation plans, and that they maintain oversight of the implementation work to ensure it remains on track and meets the standards of the Duty, it said. In addition, firms should expect to be asked ...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

The COVER Review: A budget on the horizon, private healthcare and product launches

The COVER Review: A budget on the horizon, private healthcare and product launches

Week commencing 1 September 2025

COVER
clock 05 September 2025 • 1 min read
Autumn Budget 2025 set for 26 November

Autumn Budget 2025 set for 26 November

Investment and reform

Cameron Roberts
clock 03 September 2025 • 3 min read
The COVER Review: FCA updates, acquisitions and IPT

The COVER Review: FCA updates, acquisitions and IPT

Week commencing 25 August 2025

COVER
clock 29 August 2025 • 1 min read