Implementation of the Consumer Duty for new and existing products and services by July 2023, with communications setting out our expectations in 2022.
Work that will impact the market over the next 12 months Continued support to firms looking to launch innovative products and services through our Innovation Pathways and Regulatory Sandbox.Significant consumer facing work, with 1,844 consumer alerts published about unauthorised firms (a 40% increase), 59% more visitors to our ScamSmart website and the launch of our £11m InvestSmart Campaign.Use of emergency powers to prevent financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation.Continued enforcement work to tackle bad actors, with £34.8m in consumer redress secured for unauthorised investment business.Continued proactive supervision, with 59% more supervisory cases opened on high-risk investments (HRIs) or investments scams in 2021/22.Continued progress to improve standards in the market, with 1 in 5 new firm applicants in Consumer Investments prevented from entering the market.Work delivered over the last 12 months that is already impacting the market
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