No illusions about 'quantum of the task': Protection industry responds to Consumer Duty

“The extension must surely be welcomed by all”

Hemma Visavadia
clock • 3 min read

The protection industry has welcomed the Financial Conduct Authority's (FCA) three-months extension to implement the Consumer Duty, pointing to the significant level of work needed to get firms ready to meet the new requirements.

This extension will allow firms 12 months until 31 July 2023 to implement the regulator's new Consumer Duty rules for all new and existing products and services that are currently on sale. The FCA had originally 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. Commenting on the potential impact of the reforms for the protection sector, Roy McLoughlin, managing director of Cavendish Ware, said: "There is an inter...

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