Press release

28 Jul 2023 London, GB

A milestone for UK financial services firms, yet this is still just the beginning – EY comment on FCA Consumer Duty 31st July implementation deadline

The Consumer Duty implementation deadline marks one of the most significant regulatory milestones in the last decade for UK financial services firms. Reaching this deadline is the culmination of a great deal of work for firms, and as a result, we expect the industry to be largely compliant.

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Victoria Luttig
Victoria Luttig

Manager, Media Relations, Ernst & Young LLP

Part of the UK PR team, focused on financial services. Covers all things to do with banking, insurance and wealth and asset management. Love sports and travelling. Married and mum of two boys.

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Chris Woolard, UK Financial Services Regulation Leader at EY comments: “The Consumer Duty implementation deadline marks one of the most significant regulatory milestones in the last decade for UK financial services firms. Reaching this deadline is the culmination of a great deal of work for firms, and as a result, we expect the industry to be largely compliant.

“However, in many ways, this is still just the beginning. The Duty must now shift from being an intensive programme for firms, to being embedded in business-as-usual operations and organisational culture. Data and technology will play a key role going forward, enabling firms to fully embrace the required changes and has the potential to bring competitive advantages if used effectively.

“The next major deadline for the Duty is set for July 2024, when firms will be required to make their closed products back-books compliant. Depending on the size of legacy product portfolios, this is another considerable task, so it’s important that firms consider this now and start taking action.”