Biba welcomes FCA’s decision on Consumer Duty timescale
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
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