Audit, tax and consultancy firm RSM UK has appointed a dedicated Consumer Duty expert to support financial services clients with the new rules, which represents the most fundamental regulatory change programme for the financial services industry since TCF (Treating Customers Fairly) principles were introduced in 2006.
Michael McCormick joins RSM’s London office on 12 June 2023 as Managing Consultant from the Financial Conduct Authority, where he was a senior associate within the retail banking and payments supervision division, responsible for advising international and specialist retail banking clients on conduct risk, operational resilience, and governance. At RSM Michael will be responsible for advising a broad range of financial services clients on how to ensure compliance with the new rules.
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.’