Survey to expand to 600 retail firms in run-up to Consumer Duty

Over 600 firms are to be required to take part in an FCA survey that will measure their preparedness for the new Consumer Duty, which starts on 31 July.These will mainly be small and medium-sized retail organisations. The largest 60 have already been subject to a review oftheir implementation plans.

By Neasa MacErlean

Based on these reviews, the Financial Conduct Authority is nowinforming the sectorof its priorities for those that are lagging behind. It found that "many" have "understood" the implications of the Consumer Duty and have "embraced the shift to focus on consumer outcomes". However, it is concerned about "some firms" because they "may be further behind in their thinking and planning for the Duty".