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ARTICLE · 05 DECEMBER 2022

Implementation Of The Consumer Duty For Asset Managers

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The introduction of the Consumer Duty (the Duty) is the biggest regulatory shift in financial services in recent years, with a very tight timescale for implementation set out in the FCA's policy statement of 28 July 2022 (PS 22/9).

United KingdomFinance and Banking
Adam Edwards
Adam Edwards
Daniel Seely
Daniel Seely
Daniel Meyer
Daniel Meyer

The introduction of the Consumer Duty (the Duty) is the biggest regulatory shift in financial services in recent years, with a very tight timescale for implementation set out in the FCA's policy statement of 28 July 2022 (PS 22/9).

We have scrutinised each of the FCA's consultations leading up to its final rules and engaged with clients on the key issues, advising them on their implementation plans and how to put plans in place. Drawing on this experience, we have set out in this article guidance on implementing the Consumer Duty for asset managers.

Asset managers should note that the FCA has been clear that there is no 'one size fits all' approach and that implementation plans should be tailored to each firm. Therefore, we recommend firms receive advice on their specific implementation plans and needs.

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