FCA's Consumer Duty update is a ‘warning against complacency’ as firms fall behind

Warning sign against cloud backdrop

The Financial Conduct Authority has warned firms risk falling behind as the deadline for Consumer Duty looms.

The regulator’s update today revealed it had scrutinised a number of firms in their preparation for the 31 July deadline.

Many firms understand good outcomes and have built complementary programmes, the FCA reported.

However, the regulator stressed it believes some firms are so far behind the curve they risk failing to implement Consumer Duty properly by the deadline.

Related FCA confirms 12-month implementation for Consumer Duty Biba vows to fight for brokers in FCA meeting

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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