Rathbones Group (RAT): FCA Consumer Duty remediation

This situation live

RAT Rathbones Group

£1,640m · £17.12 · −12% since the first step

16 Jun 2026 · Skilled Person Review done; two-year programme starting · +3% until the next step A programme of work addressing the recommendations from the review, which is expected to be conducted over a two-year period.

29 Jul 2026 · Remediation under way; costs rising · +0% until the next step Since our announcement on 16 June, our regulatory programme to address the recommendations from the FCA Skilled Person Review has remained a key priority.

30 Jul 2026 · Remediation under way; Risk Committee chair succession set · +3% since Michelle will become a member of the Risk, Audit, Remuneration and Nomination Committee following her appointment to the Board.

Legal & regulatory

FCA Consumer Duty remediation

Remediation under way; Risk Committee chair succession set

Every step · 4

16 Jun 2026 Skilled Person Review done; two-year programme starting – A programme of work addressing the recommendations from the review, which is expected to be conducted over a two-year period. ↗
16 Jun 2026 Skilled Person Review done; two-year programme starting – A programme of work addressing the recommendations from the review, which is expected to be conducted over a two-year period. ↗
29 Jul 2026 Remediation under way; costs rising – Since our announcement on 16 June, our regulatory programme to address the recommendations from the FCA Skilled Person Review has remained a key priority. ↗
30 Jul 2026 Remediation under way; Risk Committee chair succession set – Michelle will become a member of the Risk, Audit, Remuneration and Nomination Committee following her appointment to the Board. ↗

What is happening

Rathbones Group: FCA Consumer Duty remediation – Remediation under way; Risk Committee chair succession set. ['Remediation under way; Risk Committee chair succession set']

In short: A Skilled Person Review found Consumer Duty gaps in UK Wealth Management, leading to a two-year remediation programme from 16 June. The interims report £19.0m of H1 costs and a c.£9m H2 income hit from ending fees on cash. On 30 July the Board named Michelle Scrimgeour, a former LGIM chief executive and former M&G chief risk officer, as an independent NED from 1 October, intended to succeed Terri Duhon as Risk Committee Chair.
Announced: 16 Jun 2026 · Skilled Person Review done; two-year programme starting
Latest: 30 Jul 2026 · Remediation under way; Risk Committee chair succession set
H1 cost: £19.0 million recognised, non-underlying (HY 2025: £nil)
H2 income hit: Ending fees on cash cuts income and operating profit by c.£9m
Management view: Good initial progress; client reaction supportive and resilient
Earlier estimate: £60m net costs over two years, per the 16 June announcement
Risk Committee chair: Michelle Scrimgeour intended to succeed Terri Duhon, subject to regulatory approval
Start date: 1 October 2026, subject to regulatory approval
Her background: Ex-CEO of LGIM, ex-CRO at M&G Investments, former member of FCA Practitioner Panel

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