The FCA has written a Dear CEO letter to provider bosses to alert them to potential gaps in data as the Consumer Duty deadline for closed products looms.

The Equity Release Council, the trade body for equity release providers, has urged advisers to check their responsibilities under the next phase of the FCA’s Consumer Duty which takes effect from 31 July.

Many have assumed that the Consumer Duty is a fixed piece of regulation, a tablet handed down from upon high about how to be decent to clients.

The FCA has published proposals to extend its new Consumer Duty requirements to its financial crime fighting and reporting rules.