As of 27th July 2022, the FCA published the new Consumer Duty which sets higher and clearer standards of consumer protection across financial services, requiring firms to put customers’ needs first.
So what do you need to know about the new Consumer Duty?
The Duty comes into effect on:
- 31st July 2023 – for new and existing products or services that are open for sale or renewal
- 31st July 2024 – for closed products or services
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 action and decision that they take throughout the business lifecycle. From product and service design to complaints handling, all will require re-examining to ensure they’re fit for the Duty.
The overarching points of importance for firms are:
- the ability to evidence their Duty approach
- increased oversight and governance
- increased board responsibility
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.
The TCC solutions:
Whether you need additional expertise and resource to identify and implement fundamental changes to your business framework, or simply require independent assurance that your implementation plan is truly watertight, we can deliver.
- 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, 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 spotlight the areas where compliance issues are most likely to reside – allowing you time to focus your attention where it truly matters.
- Get independent implementation support – Alternatively, our team can provide a more detailed review of specific areas of concern during your implementation with our Consumer Duty Readiness Assessment. TCC’s compliance experts can provide on the ground support for recommended actions on the road to compliance – putting you in the best possible position to hit the ground running.
- Validate your strategy – Our Consumer Duty Plan Validation can support your evolving implementation plan, by validating that your Plan has incorporated the relevant solution to correct the compliance gaps identified. Our validation will also include validating that the correct priorities have been set and resources are efficiently utilised in accordance to compliance to the Duty.
- Ongoing expertise and support – Whether you need an independent validation of your compliance upon implementation or an annual external advisory review to critique and challenge your implementation and/or design, our team of compliance specialists are on hand.
Want to learn more?
Take a closer look at the FCA’s Consumer Duty initiative with our additional insights:
• Five need-to-know Consumer Duty principles
• FCA outcome 1: Products and services
• FCA outcome 2: Price and value
• FCA outcome 3: Consumer understanding
• FCA outcome 4: Consumer support
• How to prepare for the FCA’s new Consumer Duty regulations for positive, compliant outcomes
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.