“Our consumer investment, pensions and asset management Consumer Duty webinar was attended by almost 3,000 people, with 70 per cent of attendees indicating that they were highly confident that they understood the requirements of the Duty."
The FCA also said it has written to firms with sector specific expectations on how they should implement the Duty and what its expect of them, and said it would be engaging further with firms across different sectors prior to the Duty coming into effect later this year.
A series of Live & Local survey events across the UK found that 60 per cent of people found the FCA's firm information pages, policy, and webinars useful.
The FCA has also produced a series of podcasts on the Consumer Duty and the FCA’s expectations of firms, which are available on it website.
Background
The comments come as senior industry figures spoke of the "immense opportunities" under consumer duty.
At an event last week in London, compliance consultancy Alpha told attendees: "Consumer duty is presenting an opportunity for advice firms to truly pivot their businesses and optimise their client-facing service provision."
During the same event, the Consumer Duty Alliance was unveiled.
This new independent professional body for the finance sector aims to serve members' needs, engage with policymakers, promote best practice and share thought-leadership, and create a community that can focus on delivering for clients and supporting financial planning.
simoney.kyriakou@ft.com
