The deadline for implementing the Duty for closed products and services is fast approaching, however firms’ work on the Duty is far from over as they must successfully pivot to addressing the Duty as part of their day-to-day operations.

By Nicola Higgs, Becky Critchley, and Charlotte Collins

31 July 2024 will mark one year since the Consumer Duty came into force for new and open products and services, and the deadline for implementing the Duty for closed products and services. Firms must also produce their first board report on compliance with the Duty over the last year by the same date.

In this publication, we look at lessons learned from Consumer Duty implementation to date, guidance for firms finalising their work on closed products and services, and how firms should address the Duty as part of their business-as-usual operations going forward, including key questions firms can ask to help assess their implementation.

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