Nearly a quarter of firms 'still have work to do' ahead of Consumer Duty

Retail finance providers and debt advice firms scored consistently lower than others

Sahar Nazir
clock • 1 min read

Nearly a quarter (23%) of firms still have “some work to do” before the Consumer Duty deadline at the end of next month.

The Financial Conduct Authority (FCA) said it is "concerned that a small minority of firms have not prioritised the Duty sufficiently". The watchdog commissioned Ipsos UK to undertake a survey between March and early May 2023 among 1,230 firms in finding out their preparedness ahead of the regulation. The majority (64%) of firms said they would be fully compliant by the 31 July deadline, while 7% said they would still have significant work to do after the deadline or had not started work on the Duty. Two groups of firms - retail finance providers and debt advice firms - scored cons...

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

IPT receipts hit £4.53bn in H1 2026/27

IPT receipts hit £4.53bn in H1 2026/27

Down £11m year-on-year

Jaskeet Briah
clock 21 October 2026 • 2 min read
IHT receipts reach £4.7bn ahead of Autumn Budget

IHT receipts reach £4.7bn ahead of Autumn Budget

Increase of £300m from the year prior

Isabel Baxter
clock 21 October 2026 • 2 min read
AI blurring the line between regulated and unregulated financial advice: FCA

AI blurring the line between regulated and unregulated financial advice: FCA

Risks of consumer harm, cyber vulnerabilities and operational failures

Jack Roach
clock 19 October 2026 • 4 min read