Duty of Care – Final Rules Published

So, on first glance all good news, we finally know what the rules will be, and we have more time to get ready.

Well not really, whilst the actual implementation date has been extended the FCA have stated that they expect businesses and their Boards (or equivalent management body) to have scrutinised and signed off on the firms’ implementation plans by the end of October 2022. That is an incredibly short space of time.

In addition, that they maintain oversight of the implementation work to ensure it remains on track and meets the standards of the duty.

Furthermore, firms should expect to be asked to share implementation plans, board papers and minutes with supervisors and be challenged on their contents.

So actually, it is not as it seems with the headlines from last week.

Are you ready now?

Will you be ready by the end of October?

We are already talking to IFAs who are worried about implementing these rules on top of everything else they are dealing with. We have devised a framework which can assist you with implementation and is available for a fixed fee. If you require help with the implementation, we can provide that as well.

As the leading consultancy in the retail Financial Services sector, we are offering an initial free 15-minute consultation for those that would like to discuss this framework, please contact me directly by email if this is of interest to you