1 In 5 Advisers Unaware Of New FCA 'Consumer Duty' Rules
By Dawood Fakhir (May 5, 2022, 3:30 PM BST) -- One in five financial advisers in the U.K. has not heard of the sweeping "consumer duty" policy emphasizing consumer protection that the Financial Conduct Authority is bringing into force in July, according to a survey published on Thursday.
Research by mutual insurance company Royal London showed that 80% of the advisers it questioned felt they were well-prepared for the incoming rules — and approximately 20% were not aware of the "fundamental shift" in the regulation, the insurer added. Some seven in 10 financial advisers were confident that they could make the required changes before the deadline.
Jamie Jenkins, a Royal London director, said...
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