Consumer Duty, July: A Quick Guide to Helpful Resources
Posted on 8th June 2023 at 14:31
By Mike Rogers
With Consumer Duty comes a whole set of new rules. However, there is an abundance of helpful guidance being provided by the FCA itself, including the orgnisation’s insightful podcast series on Consumer Duty.
The recent Consumer Duty webinar on Payments and e-Money also helps to explain the spirit of the Duty and what the FCA is looking to see from businesses as they implement their plans.
In the webinar, Richard Wilson, Manager of the Consumer Duty Policy team, succinctly highlights that “customers should receive communications they can understand, receive products and services that meet their needs, and which offer fair value, and ensure they can get customer support they need when they need it.”
He also indicates how the FCA will be looking at firms to:
Make sure that work is being prioritised effectively, so they focus first on the biggest risks of consumer harm
Properly consider the substantive Duty requirements and make sure they're delivering on the four outcome areas and avoiding a superficial or tick-box approach to implementation
Make sure they're working with all their commercial partners across the distribution chain
Email Mike at mike.rogers@ir77.co.uk with your Consumer Duty questions and feedback.
Tagged as: Regulation and Compliance
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