Adviser support network SimplyBiz has launched an online interactive ‘Horizon Scanner’, which it said is designed to keep firms up to date with the regulatory activities happening in 2023. 

City of London Minister Andrew Griffith has warned that the FCA’s new Consumer Duty could damage the sector and trigger a wave of spurious lawsuits, according to news reports.

The Consumer Duty is set to come into force for new and existing products in July. Many firms will already be putting their customers first and be compliant with Consumer Duty but the cost-of-living crisis has underlined the importance to all firms of placing clients at the heart of their business agenda.

Sheldon Mills, the FCA’s executive director of competition and consumers, today warned Financial Planning and other financial firms that haven’t taken action that the Consumer Duty “will not go away”.