FCA finds some firms are behind in their planning for new Consumer Duty

With six months to go before the Consumer Duty comes into force, the UK Financial Conduct Authority (FCA) has published a review of how firms are planning to implement the Duty.

The FCA reviewed a sample of implementation plans and found that many firms show they understand and embrace the shift to delivering good customer outcomes, which the Duty will bring, and have established extensive programmes of work to comply with it properly.

However, the FCA also found that some firms are further behind in their planning, so there is a risk that they may struggle to apply the Duty effectively once the rules come into force.