Consumer Duty: The Next Chapter
31 July 2023 heralded a new threshold.
In the FCA’s own words, the new Consumer Duty requires “a significant shift in culture and behaviour”. The rules came into effect on 31 July 2023. This was a key milestone, but that was just the beginning. The FCA has made it clear it expects to see a significant and ongoing progress, and firms need to be ready to demonstrate it.
At Sicsic Advisory, we have worked with many clients to prepare and embed this substantial change.
Through this work, mainly in the general insurance market, we have gained deep insights into firms’ responses. Most have had extensive implementation plans and made significant progress. However, there is still a lot to do to address identified gaps and transition the changes into business as usual.