Consumer Duty Enforcement Steps Up: What Firms Need to Know. Of Counsel, Priya Dave writes for Investment Week and Professional Adviser

Since the FCA’s introduction of the Consumer Duty regulation in July 2023, financial firms have been required to put the needs of retail customers first and demonstrate that they are delivering good outcomes for their clients.  This year alone, the FCA has opened 11 investigations into potential breaches of the Consumer Duty regulation. These investigations are only launched where there is evidence of serious misconduct and where enforcement action is considered necessary and proportionate.

Priya Dave, Of Counsel at Corker Binning, explores the implications of this spike in investigations, noting that they have almost doubled since last year, in Investment Week and Professional Adviser.

As Priya explains, “The message to regulated firms is loud and clear: the Consumer Duty is no longer ‘just’ a supervisory expectation but one that carries a very real enforcement risk.”

Read the full article here.