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?

Here is our guide to FCA’s expectations and boards’ responsibilities

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.

TCC compliance experts: What we do

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.

  1. Choose your focus – Our Consumer Duty Triage Review can help you get started by presenting critical insight into the scope and size of the changes you’ll need to make, and highlighting which aspects of your business are most in need of review. By assessing your underlying documentation and interviewing key team members to understand your business framework, our experts can shine an effective spotlight on the areas where compliance issues are most likely to reside – allowing you to focus your attention where it truly matters. Alternatively, our team can provide a more detailed review of specific areas of concern with our Consumer Duty Readiness Assessment, enabling you to tackle them head on in your Implementation Plan.
  2. Get independent implementation support – We can offer expert oversight and/or support during the implementation phase. Our team of compliance experts are able to provide on the ground support with any recommended actions on the road to compliance – putting you in the best possible position to hit the ground running.
  3. Validate your strategy – Once changes are made, our experts can conduct a targeted review of previous problem areas, confirming no stone has been left unturned before the new rules come into force.

Want to learn more about our Consumer Duty Readiness Assessment?

To view our Consumer Duty Readiness Assessment guide, pop your email below and hit ‘download’.

How we do it better

Regulatory experts

Regulatory experts

Our team of former regulators and experienced consultants have the skills and expertise to dig deep into your firm and find a path to compliance that’s right for you.

Culture-focused approach

Culture-focused approach

By applying a culture lens to regulatory realignment, our recommendations can help you embed a customer-centric approach across the business.

Long-term vision

Long-term vision

We know meeting your Consumer Duty obligations will be an ongoing process – that’s why our advice intends to futureproof your compliance for years to come.

Get an impartial, specialist opinion on your Consumer Duty strategy

We have only limited spaces available – don’t miss out on enlisting the experts! Secure your Consumer Duty Readiness Assessment today.

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