With the Financial Conduct Authority’s (FCA) Consumer Duty policy now in effect, firms across the wealth management and private banking sectors are under increasing pressure to demonstrate a more outcome-focused approach to consumer protection. As the 31 July 2023 implementation deadline for all new and existing products and services approached, Davies conducted a market survey to assess how firms were progressing in their compliance journey.
This white paper presents the findings of that survey, offering a snapshot of how firms are responding to the Duty’s requirements. It focuses particularly on the readiness of manufacturers and co-manufacturers to share necessary information with their distributors—an essential step in meeting the Duty’s expectations.
The survey gathered responses from a cross-section of industry participants, providing insight into the practical challenges firms are facing. These include interpreting regulatory expectations, embedding the Duty into governance structures, and aligning internal processes to support better consumer outcomes. The findings also highlight varying levels of preparedness, with some firms well advanced in their implementation efforts, while others continue to navigate key areas of uncertainty.
This report offers valuable context for firms seeking to benchmark their progress and identify areas for further focus. It also reflects on the broader cultural and operational shifts required to meet the FCA’s vision for a more consumer-centric financial services sector.
Access the report in full through the form below. To discuss the findings or their relevance to your organisation, please get in touch.
