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A New Consumer Duty: A New Paradigm

4 October, 2022

The introduction of the new Consumer Duty is arguably the biggest overhaul in our industry by the regulator since RDR, almost 10 years ago. Published in July 2022, the final Consumer Duty rules and guidance clearly state that the FCA expect firms to have implementation plans in place by the end of October this year, to enable implementation by the end of July 2023 for new and ongoing business and by end of July 2024 for closed books.

Whilst many firms have certain processes already in place, there will still be a lot of work for adviser firms to do to ensure they comply with the new Consumer Duty. In this video, Square Mile's Business Development Director, Scott Dakers, outlines the new regulatory requirement, its impact on the advice process, and how you and your business can prepare.

To support you, we have also created a guide to the new Consumer Duty which highlights some of the key areas of focus for adviser businesses and provides. a range of tips and suggestions to ensure readiness for August 2023. Download The new Consumer Duty: A Quick Guide

Unless otherwise agreed by Square Mile, this document is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This document is aimed at professional advisers and regulated firms only and should not be passed on to or relied upon by any other persons. It is issued by and remains the copyright of Square Mile Investment Consulting and Research Limited (“SM”). The views expressed are not necessarily those of SM and SM does not accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. This is not a recommendation to engage in any investment activities with any regulated firms or a recommendation to buy or sell any funds or individual stocks..