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RSM UK has appointed dedicated consumer duty expert, Michael McCormick, to support financial services clients with the new rules.
Financial services businesses have less than eight weeks until the Financial Conduct Authority’s (FCA) new consumer duty regulations come into force on 31 July 2023.
McCormick joined RSM’s London office on 12 June 2023 as managing consultant from the FCA.
He was a senior associate at the FCA within the retail banking and payments supervision division.
At RSM he will be responsible for advising a broad range of financial services clients on how to ensure compliance with the new rules.
Consumer duty will set “higher and clearer standards of consumer protection across financial services and require firms to put their customers’ needs first”, according to the FCA.
Catherine Brittain, partner, financial services regulation and compliance, said: “We know from recent client feedback that short timescales and a lack of clarity and guidance are the main concerns for our financial services clients. Michael’s experience at the FCA will be invaluable in supporting them with understanding and implementing the new Consumer Duty regulations.”
McCormick added: “I am thrilled to be joining RSM at a time when I can make a real difference for financial services businesses and their customers. As the new Consumer Duty regulations are mandatory, it’s critical that businesses are fully aware of, and compliant with, these rules, yet with less than eight weeks to go, many are still struggling and need our support to meet the requirements.”
