The deadline to comply with UK's Consumer Duty is approaching, which might bring additional expenses to CFDs brokers. So, to what extent do you agree or disagree with the following statement? 'The long-term benefits to our firm of the UK Consumer Duty will outweigh the short-term costs to our organization'. This is the question of the second edition of the Finance Magnates Weekly Poll, which is up on all social handles of Finance Magnates.
You can cast your vote here.
There are many burning questions about Consumer Duty. The start date for enforcement of the framework is scheduled for July 31, 2023, and the FCA is strict with the deadline. So, we are asking: Are the long-term benefits worth the short-term costs to your business? You can join the discussion here on our social media platform.
New Poll on Consumer Duty
Consumer Duty is a new regulatory framework by the United Kingdom’s Financial Conduct Authority for financial services in the country. The Duty sets out higher and clearer standards of consumer protection and requires firms to put their customers' needs first.
A survey conducted by the FCA revealed that 44 percent of the UK CFDs brokers agree on the long-term benefits of consumer duties, while 12 percent disagree. Forty-four CFDs brokers participated in that survey.
Last Week in Review
Meanwhile, last week, our inaugural poll focused on whether reputable brokers should retain and operate multiple licenses, including in 3rd tier jurisdictions. The answers came in with a resounding yes, as the majority (78%) of industry executives support multi-jurisdiction operations for growth purposes.
However, a significant number of executives (22%) believe that reputable brokers should not operate multiple licenses because they come with 'more pain than gain.’
Finance Magnates Weekly Poll covers every aspect of the trading industry and collates the opinions of industry executives on popular topics in the industry, including regulations, marketing, asset class, business-to-business services, and new trends.
