Consumer Duty: Board implementation plans
While firms are not yet expected to have fully scoped all required work, Boards will be expected to have agreed on their implementation plans to ensure timely compliance and understood what they need to do to oversee the firm's ongoing compliance.
We have highlighted six key areas below that Boards should consider within their own firm’s plans:
1. Scope
2. Governance and Oversight
3. Capabilities
4. Product Governance
5. Data and MI
6. Outcomes Testing
For more on Consumer Duty, please contact us or to submit Request for Proposal documents, use the link below.
The FCA’s Consumer Duty sets a higher standard of care that firms should provide to consumers in retail financial markets. The rules came into force on 31 July 2023 for new and existing products and services. The next key milestone is 31 July 2024 for closed products. The Duty is expected to have far-reaching implications across financial services, with the FCA set to supervise against it. For some...
The New Consumer Duty requires firms to support their customers throughout the entire lifecycle of a product, including the claims handling process. Claims handling is a key part of the consumer experience and firms should ensure that customers are treated fairly throughout the claims process.
This October 2022 webinar was a highly practical session relevant for all financial services firms. We used case studies to illustrate the range and depth of the impact of the Consumer Duty on financial services firms, and cover the approaches, frameworks and architecture which firms might wish to implement before the start of the Duty.
On 7 December the FCA released CP21/36 - the highly anticipated second consultation which provides more detail on the FCA’s proposals for new standards of consumer protection and care in retail financial markets in the form of a ‘Consumer Duty’.
In May 2021 the Financial Conduct Authority (FCA) published a consultation paper CP21/13 outlining proposed new standards of consumer protection and care in retail financial markets in the form of a ‘Consumer Duty’.
This website uses cookies.
Some of these cookies are necessary, while others help us analyse our traffic, serve advertising and deliver customised experiences for you.
For more information on the cookies we use, please refer to our Privacy Policy.
This website cannot function properly without these cookies.
Analytical cookies help us enhance our website by collecting information on its usage.
We use marketing cookies to increase the relevancy of our advertising campaigns.