Consumer Duty Is Here: Response From Sesame Bankhall Group’s Ross Liston

27 July 2022

Consumer Duty was confirmed by the FCA on Wednesday 27 July 2022.

Ross Liston, Sesame Bankhall Group Managing Director, Distribution, said: “We’re supportive of the overall intent and scope of the FCA’s new Consumer Duty, and agree that the delivery of good outcomes for consumers should be at the heart of all businesses involved in the provision of products and services to them. The application of this to all firms in the distribution chain is key in helping achieve this and we agree with the FCA that enabling consumers to make decisions that are effective, timely and properly informed is essential.

We are pleased that the FCA has listened to feedback on the Consultation Papers, and we welcome the clarity and promise of ongoing support from the Regulator. We also welcome the three-month extension. However, we also note the requirement for all firms to have formally agreed their implementation plans, be able to evidence these, and be prepared to share and be challenged on them, by the end of October 2022 (section 12.11 of PS22/9).

The work required by firms to adhere to this and then implement the new rules is significant and should not be underestimated. It will take considerable time and resources for firms to digest, understand and plan the application of any required changes and then implement these by July 2023, especially given the considerable amount of other regulatory work that firms are currently undertaking.

We understand the challenges of bandwidth and subject matter expertise that firms will face with this. Sesame Bankhall Group is fully committed to continuing to actively support advisory firms throughout this process, delivering valuable regulatory insight and practical support.”

Find out more

Bankhall clients can login to Bankhall Online to view our Consumer Duty Hub, and learn more about the Consumer Duty, and how we’ll be supporting you over the next 12 months.

Plus, be sure to join our Regulatory Engagement Manager, Paul Fothergill on 2 August for a session looking at the FCA’s Consumer Duty rules, what they mean for you, your firm and for the future of regulation. Click here to book your free place.

Visit Bankhall Consumer Duty Hub Book on Consumer Duty event