Shock survey results reveal broker ignorance on Consumer Duty is ‘a big concern’

regulation-torn

The findings of a survey, which revealed that nearly half of brokers interviewed were not aware of the Financial Conduct Authority’s Consumer Duty rules, is a ‘big concern’, according to compliance experts.

As reported in Insurance Age, an Ecclesiastical survey of 250 brokers has revealed only 53% are aware of the regulation.

It also found that three in five brokers admit they don’t understand how the regulations will impact their business.

Related Ecclesiastical survey finds half of brokers aren’t aware of FCA’s Consumer Duty rules

A survey of 250 brokers has found that only just over half (53%) are aware of the FCA’s new Consumer Duty rules

Compliance expert Matthew Cranny

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