As the new guidelines loom, structured products issuers seem to be under the impression the work done to comply with the European regulation will tick all the boxes of the new UK rules.
The UK’s Financial Conduct Authority has been checking firms’ progress ahead of the 31 July Consumer Duty deadline and warned this week that some may struggle to apply the rules effectively when they come into force. The ‘outcomes-based’ duty is a big shift in the way product development and service is conceived and measured. It also brings product manufacturers into the consumer outcomes chain with a look-through provision designed to challenge a manufacturing business
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