FCA reveals 69% of brokers feel fully ready for Consumer Duty deadline

regulation-and-compliance

The Financial Conduct Authority has set out that 69% of brokers believe they will be ready to comply with all requirements of the Consumer Duty when it comes into force on 31 July.

According to research by the watchdog, a further 27% of personal and commercial lines insurance intermediaries stated that they would be able to comply with most requirements by the deadline, but still had work to do.

Supply chain

Discussed Consumer Duty requirements with other firms in the supply chain.

Brokers 80%, all firms 60%

Worked across the supply chain to ensure partners have the information necessary for them to meet their obligations under the Duty.

Brokers 81%, all firms

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