This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

UK wealth managers struggle to comply with Consumer Duty, survey finds

( May 30, 2024, 14:29 GMT | Official Statement) -- MLex Summary: One in 12 wealth managers in the UK is unable to meet the requirements of the upcoming deadline of the Financial Conduct Authority's Consumer Duty, according to a survey released on Thursday, conducted by technology and advisory services company Ortec Finance. The study surveyed 50 UK wealth managers and financial advisors and found that 8 percent of the respondents fear their company will not meet the July 31, 2024 deadline. The Consumer Duty was introduced for open and existing products in July last year. This summer, the Duty will enter into force for closed products, and those no longer marketed or distributed to retail customers nor open to renewal. According to Ortec, wealth managers struggle mainly because they are unable to provide sufficient evidence of Board engagement with the Consumer Duty and review their approach to vulnerable customers.Statement follows....

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login

Related Sections