Spotlight on the FCA’s four Consumer Duty’s outcomes.
Outcome 1: products and services
With FCA’s final rules and timetable now set in stone, the Consumer Duty era has arrived – and complying with the far-reaching legislation is now a top priority for all FCA-regulated firms.
So what do you need to know about the new Consumer Duty?
The new legislation mandates a much higher standard of customer care than the previous ‘Treating Customers Fairly’ benchmark. The FCA now calls for firms to continually review and optimise their end-to-end customer journey. But beyond that, it will require businesses to put consumers’ interests at the heart of every decision they make and action they take – meaning that every aspect of the business lifecycle, from product and service design right through to complaints handling, will need re-examining to ensure they’re fit for ‘duty’.
And there’s no time to waste: the FCA expects boards (or equivalent management body) to have an implementation plan on how to comply with the new regulations ready for inspection on 31st October 2022, giving firms only weeks to decide how they’re going to meet the most significant step up in regulatory demands in recent years.
What does the pressing October deadline mean to the boards and management?
With so much to consider and the stakes so high, preparing for implementation will inevitably be a significant undertaking for regulated firms – one that requires considerable time, resources and budget to get right.
How to implement the new Customer Duty? We’ve got you covered.
Our subject matter experts are on hand to pinpoint where your attention will be most needed, so you can make revisions where they matter in time to guarantee a seamless transition.
Whether you need additional expertise and resource to identify and implement fundamental changes to your business framework, or simply need independent assurance that your implementation plan is truly watertight, we can deliver.
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