Weekly Poll: Do the Long-Term Benefits of UK Consumer Duty Outweigh Short-Term Costs?

<p>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 <a href="https://www.linkedin.com/posts/financemagnates_financemagnates-fmnews-industrypolls-activity-7081883933419659264-dvPn?utm_source=share&amp;utm_medium=member_desktop">Finance Magnates Weekly Poll</a>, which is up on all social handles of Finance Magnates.</p><p>You can cast your vote <a href="https://www.linkedin.com/posts/financemagnates_financemagnates-fmnews-industrypolls-activity-7081883933419659264-dvPn?utm_source=share&amp;utm_medium=member_desktop">here</a>.</p><p>There are many burning questions about <a href="https://www.financemagnates.com/forex/exclusive-fca-will-not-move-the-consumer-duty-deadline/">Consumer Duty</a>. 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.</p><p>New Poll on
Consumer Duty</p><p>Consumer Duty is <a href="https://www.financemagnates.com/forex/duty-calls-how-to-prepare-to-fcas-new-regulation/" target="_blank" rel="follow">a new regulatory
framework</a> 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.</p><p>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. </p><p>Last Week
in Review</p><p>Meanwhile, last week, our <a href="https://www.linkedin.com/posts/financemagnates_financemagnates-fmnews-industrypoll-activity-7079105154091757570-SPD6?utm_source=share&amp;utm_medium=member_desktop" target="_blank" rel="follow">inaugural poll</a> 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.</p><p>However, a significant number of executives (22%) believe that reputable brokers should not
operate multiple licenses because they come with 'more pain than gain.’</p><p>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.</p>

This article was written by Finance Magnates Staff at www.financemagnates.com.