A survey by regulatory consultancy Bovill reveals that almost half of firms are unsure of how long it will take to implement the most challenging consumer outcome of the Financial Conduct Authority’s (FCA’s) Consumer Duty, with the implementation deadline fewer than 50 days away.

The poll of financial services firms finds that nearly two-thirds of firms (64%) say that of the four outcomes, ‘fair value’ is the most challenging. However, almost half of firms (44%) are still unsure how long it will take to implement, and were unable to give an estimate. This is despite the fact that product manufacturers must have completed all reviews needed to meet the outcomes rules by the end of the April, and that the deadline for implementation is in July.

The FCA recently published its review of 15 firms’ fair value assessment frameworks, finding that some firms are struggling to properly evidence how they are delivering fair value for customers. It also found that some fair value assessments needed to take a more granular approach to products and services that span different market sectors.

The Consumer Duty applies to any firm that plays a role in determining outcomes for retail customers, including SME customers, and seeks to ensure good outcomes in four key areas, including price and value. Bovill has found that many firms are having to commit significant resources towards implementing the Duty before the 31 July deadline.

Click here to read the full article



020 7071 3945


Throughout our site you will find links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, we cannot take responsibility for pages maintained by external providers.