As the July 31 deadline approaches to meet UK Consumer Duty requirements for products and services open for sale and renewal, 91% of contracts for differences (CFDs) providers believe they will meet all or most of the requirements. This figure is higher than the average of 86% if all other sectors are considered.
The United Kingdom Financial Conduct Authority (FCA
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK). The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. In addition, the FCA is also responsible for regulating behavior in the retail and wholesale financial markets, supervising the trading infrastructure that supports these markets and the prudential regulation of firms not regulated by the PRA. His role
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK). The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. In addition, the FCA is also responsible for regulating behavior in the retail and wholesale financial markets, supervising the trading infrastructure that supports these markets and the prudential regulation of firms not regulated by the PRA. His role
Read this term) surveyed 44 CFD brokers to find out the industry’s readiness for the consumer bond requirements. A total of 1,230 companies from 17 industries took part in the FCA survey.
The report released by the FCA further states that 61% of CFD providers will comply with all consumer duty requirements by the deadline, while 30% will meet most of the requirements. Another 2% of companies think they will comply with some requirements but “will have a lot of work to do”. Consumption duty requirements do not apply to the remaining 7%.
Source: FCA
Under the upcoming consumer duty requirements, businesses must provide customers with products and services that meet their needs and provide fair value. Additionally, costumes should receive easy-to-understand communication and should get customer support when needed. These rules will apply to products and services provided to retail customers and individuals.
Strong awareness
Interestingly, the tightly regulated CFD industry is very aware of consumer duty requirements, as 100% of firms surveyed by the regulator are aware of the requirements and understand how they will be applied to their organization.
According to the report published by the FCA, 30% of CFD industry participants “strongly agree” that the long-term benefits of the consumption obligation will outweigh the short-term costs for their organization. Another 14% “tend to agree with this question, while 39% neither agree nor disagree”. Seven percent of CFD industry participants “tend to disagree”, five percent “strongly disagree” and the remaining seven percent “don’t know” about the long-term benefits versus the costs at hand. short term.
Additionally, 91% of CFD industry participants have adequate expertise to implement the consumption requirement by the end-July deadline, while 84% have sufficient resources.
Source: FCA
As the July 31 deadline approaches to meet UK Consumer Duty requirements for products and services open for sale and renewal, 91% of contracts for differences (CFDs) providers believe they will meet all or most of the requirements. This figure is higher than the average of 86% if all other sectors are considered.
The United Kingdom Financial Conduct Authority (FCA
Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK). The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. In addition, the FCA is also responsible for regulating behavior in the retail and wholesale financial markets, supervising the trading infrastructure that supports these markets and the prudential regulation of firms not regulated by the PRA. His role
The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK). The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. In addition, the FCA is also responsible for regulating behavior in the retail and wholesale financial markets, supervising the trading infrastructure that supports these markets and the prudential regulation of firms not regulated by the PRA. His role
Read this term) surveyed 44 CFD brokers to find out the industry’s readiness for the consumer bond requirements. A total of 1,230 companies from 17 industries took part in the FCA survey.
The report released by the FCA further states that 61% of CFD providers will comply with all consumer duty requirements by the deadline, while 30% will meet most of the requirements. Another 2% of companies think they will comply with some requirements but “will have a lot of work to do”. Consumption duty requirements do not apply to the remaining 7%.
Source: FCA
Under the upcoming consumer duty requirements, businesses must provide customers with products and services that meet their needs and provide fair value. Additionally, costumes should receive easy-to-understand communication and should get customer support when needed. These rules will apply to products and services provided to retail customers and individuals.
Strong awareness
Interestingly, the tightly regulated CFD industry is very aware of consumer duty requirements, as 100% of firms surveyed by the regulator are aware of the requirements and understand how they will be applied to their organization.
According to the report published by the FCA, 30% of CFD industry participants “strongly agree” that the long-term benefits of the consumer obligation will outweigh the short-term costs for their organization. Another 14% “tend to agree with this question, while 39% neither agree nor disagree”. Seven percent of CFD industry participants “tend to disagree”, five percent “strongly disagree” and the remaining seven percent “don’t know” about the long-term benefits versus the costs at hand. short term.
Additionally, 91% of CFD industry participants have adequate expertise to implement the consumption requirement by the end-July deadline, while 84% have sufficient resources.
Source: FCA
