Consumer Duty is the most important priority for The Financial Conduct Authority (FCA) in 2023. It has set out a robust and comprehensive set of standards for consumer protection across the Financial Services sector which compels companies to ‘put their customers’ needs first’. But what does this mean for business and how can you and your teams ensure your company is ready for the changes that the new Consumer Duty rules present?
The Guide includes:
Timeline of Implementation
Consideration for Next Steps
Consumer Duty Guide – Key Steps for 2023
Practical Guide for UK financial services professionals
Here are some questions to consider:
What has to be done by the key deadline dates in 2023?
What are the key challenges for working your implementation plan?
Have you got the right resource and enough of it?
What evidence will you need?
The answers to these questions are important and is why training is crucial.
Who should be trained and in what areas?
What penalties will apply for individuals and firms if they are found culpable of not complying?
If you think you can do this off the side of a desk just think about the Senior Managers and Certification Regime (SMCR).
The Consumer Duty requirements have already been delayed by the FCA to give firms more time to prepare – they are unlikely to do that again so the time to act is now.
Keep reading to understand what you need to consider as a regulated firm that needs to adhere to the requirements.
How we can help
Below are just a few of the things we can help and support you with on your Consumer Duty implementation journey:
- Implementation plan check
- Tailor made Consumer Duty in-house training for the board and others
- Consumer Duty customer Journey evidence framework
- Project management
- Regular Assurance checks
If what you need isn’t in the list above talk to us – we ‘re sure we will be able to help. Contact us at: firstname.lastname@example.org
Interested in this topic?
Watch on-demand webinar “Are You Ready for the New Consumer Duty?” recorded on 03 November 2022 where we have one of the most informative panels of regulatory experts discussing the proposed changes and sharing their perspectives on what can be done by firms today to ensure they are delivering the ‘right outcomes for consumers’ and whilst living up to the regulators hope that business will innovate to meet the interests of consumers.
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