The Financial Conduct Authority (FCA) has published a timeline illustrating the dates for when firms should have implemented key elements of its incoming Consumer Duty.
The regulator published the final rules for its flagship policy in July and extended the time it was giving the industry to put the changes into practice.
It gave firms a three-month extension from its original date for all new and existing products and services currently on sale and an additional 15 months for closed book products.
The deadline for implementation is now July 2023 giving a full year for active products, while closed books have until July 2024.
However, by the end of October the FCA wants firms’ boards to have agreed implementation plans and be able to evidence they have scrutinised and challenged “the plans to ensure they are deliverable and robust to meet the new standards”.
By the end of April, the regulator believes manufacturers should have completed all the reviews necessary to meet the outcome rules for their existing open products and services so they can share with distributors to meet their obligations under the Duty and identify where changes need to be made.
The full timeline is below and is available from the FCA.
