Consumer Duty implementation extension a “Trojan horse”
An expert has warned that despite the recent extension of the Consumer Duty implementation period firms must agree their own plans within three months.
The comments follow confirmation from the Financial Conduct Authority that the implementation period for Consumer Duty rules would be extended to 31 July 2023.
Elisabeth Bremner, financial services partner at CMS, pointed out: “The FCA’s new implementation period is a Trojan horse.
“Driven by political pressure, it has ignored industry concerns and given very little ground. There’s a three-month extension for on-sale products and an extra year for closed books. But this is completely
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