Biba welcomes FCA’s decision on Consumer Duty timescale

Close up of calendar on non-specific month

The British Insurance Brokers’ Association has welcomed the decision to give firms a 12-month window to implement the requirements for the new Consumer Duty.

The Financial Conduct Authority has observed that the new duty raises the bar for firms and will likely require system changes that take time to implement. According to Biba, a 12-month implementation period is therefore a more “realistic” target.

The FCA consulted on the Consumer Duty in December last year and originally proposed a timeline of 30 April 2023 for all products and services.

The duty is made up of an overarching principle and new rules firms will have to follow. According to the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

GIC completes Miller deal

Institutional investor GIC has completed the takeover of Miller, buying out previous co-investor private equity house Cinven.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: