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Podcast: Compliance Clarified – a podcast by Thomson Reuters Regulatory Intelligence
Episode: Series 12, Episode 8: Consumer Duty, so far so good?
Description: It has been more than 15 months since the UK Financial Conduct Authority (FCA) introduced the Consumer Duty for current products and over three months since its introduction for closed products. During that time, the FCA has gone from helping firms prepare for the duty's impact to scrutinising how they have implemented it.The FCA's approach to supporting firms prior to implementation won praise from many quarters. With "dipstick" progress surveys to reviews that explored good and bad practices, the FCA issued extensive documentation to help firms prepare, understand and implement its expectations.But as Sheldon Mills...